How Did I Get This Old?

Greetings!

Today I am genuinely feeling my age.

Jeff and I spent considerable time analyzing the benefits of taking social security at 65, 67, and 70, as I am happy to say that I have longevity in my roots. My dad is 95, his sisters passed in their late nineties, and my grandmother 101.

So, based on my family history Jeff and I determined I would wait to age 70 (come November) to collect full retirement age (FRA) social security benefits. Then you qualify for 100 percent of the benefit calculated from your earnings history at this age.

So, yep, I feel old. 👵

I want to share a sweet story with you. Our daughter was 16 and took her first job as a cashier in Publix. She was so excited to receive her first paycheck; however, when she looked at the stub showing the taxes taken out, she was confused. 🤔

Jeff explained what each tax was for; however, when he got to the social security deduction, she ran into my mother’s bedroom, who lived with us then and started yelling at her that she owed her money because she didn’t want to support her. Jeff further explained that it went towards retirement. Today, Marissa said she didn’t want to support me either!

Jeff is a tax guy, so I know this, but it still was a bitter pill to swallow… I may have to pay federal income tax on a portion of those benefits.

Social Security benefits include monthly retirement, survivor, and disability benefits.

While researching related topics to social security, I discovered that Under the FPLP or Federal Payment Levy Program, the IRS could garnish up to 15% of your Social Security benefits each time you receive your check. The IRS will apply this amount to your taxes owed. The IRS will continue to garnish your benefits until you pay your back taxes in full.

You can learn more here, https://www.irs.gov/individuals/social-security-benefits-eligible-for-the-federal-payment-levy-program.

Also, if you owe back taxes, the IRS can legally garnish your pension, 401(k), and other classifications of retirement accounts. Not only is the IRS legally authorized to garnish your pension and retirement accounts, but they must collect any unpaid debts from taxpayers.

I also learned that you stop receiving any Social Security credits toward retirement, regardless of whether you’re owed a refund or have an outstanding tax liability if you fail to file a tax return for over three years.

The IRS may therefore share information with SSA about social security and Medicare tax liability if necessary to establish the taxpayer’s liability. However, this provision does not allow the IRS to disclose your tax information to SSA for any other reason.

If you receive a notice from the IRS, never ignore it.

As an Enrolled Agent and Certified Tax Resolution Specialist, Jeffrey is qualified to help stop the IRS from garnishing your social security or release a levy. He has been helping taxpayers like you for over 40 years to get out of the IRS’s greedy clutches. After you meet with Jeff and explain the situation to him, he will determine the best course of action for you. This could be

  1. Pay the back taxes.
  2. File an appeal.
  3. Negotiate a payment plan or submit an Offer-In-Compromise.
  4. Apply for non-collectible status.
  5. File bankruptcy.

He is well acquainted with the IRS handbook and works to get you the best settlement with the agency. Contact us today if you or someone you know has a tax problem over 10K at 877-355-8010 or book a free strategy session online @ https://go.oncehub.com/TheTaxReliefCompany.

Ali “feelin’ my age” Schneider
Director of Business Development