witzend
Well-Known Member
SS will actually mail you a retirement statement based on your input to SS if you ask them to. It's also a good way to make sure that everything that you THINK should be in there IS in there.
When you collect SS, they send you and the IRS a 1099/1042S - a "Social Security Benefit Statement". They don't take taxes out of your payments, but they do report it as untaxed income to the IRS.
The wage cap depends upon how much money you are collecting. It's a set rate and you can earn up to that amount before you have to report it to SS. Once you earn over that amount you have to report it to SS, and if you do so more than 12 months in a 5 year period, they start deducting the overage dollar for dollar from your SS payment.
When you collect SS, they send you and the IRS a 1099/1042S - a "Social Security Benefit Statement". They don't take taxes out of your payments, but they do report it as untaxed income to the IRS.
The wage cap depends upon how much money you are collecting. It's a set rate and you can earn up to that amount before you have to report it to SS. Once you earn over that amount you have to report it to SS, and if you do so more than 12 months in a 5 year period, they start deducting the overage dollar for dollar from your SS payment.