Ask Experts Questions for FREE Help !
Ask
    jacobsgrandma's Avatar
    jacobsgrandma Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 18, 2008, 07:22 AM
    Penaly for making too much money after drawing Social Security
    Why does the Social Secruity Administration penalitize you when you make over a certain limit per year? You are paying Social Security on what you earn and what you are receiving for Social Security is yours. So why the penality. When did this law become law?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Sep 18, 2008, 11:52 AM
    This has been the law for decades, and it was passed to discourage retired persons from competing with younger folks for limited job opportunities.

    The law HAS BEEN modified that NO penalties are incurred if you have reached full retirement age, which varies from age 65 to about age 68. So, if you are at or beyond FULL retirement age, you can work as much as you want with NO penalty.
    Rjd3346's Avatar
    Rjd3346 Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Jul 16, 2011, 01:05 PM
    Do I ever receive the penalty money back?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jul 16, 2011, 05:17 PM
    No, not if the penalties were appropriate when assessed.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Supplemental security income and social security disability income? [ 2 Answers ]

If you are approved for supplemental security income and social security disability will you get full benefits from both or will it get cut in half and if your children receive ssi will their benefit be effected?

Social security tax [ 1 Answers ]

I am in OPT period for working? Should I be charge the social security tax? Or how can I take it back from Company? Thanks

Social security no. [ 1 Answers ]

Seeking my father's social security no. he is deceased and I do not have his death certificate handy. Thanks

View more questions Search