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Are Social Security Retirement Benefits affected when Federal Income taxes are owed?
I have a few years of tax returns that I didn't file back in the early '90's. I no longer have the documents to file the returns. I'm in my early 50's now and wondering if Uncle Sam will take money owing from my Social Security when I retire.
5 Answers
- Bostonian In MOLv 78 years agoFavorite Answer
You don't owe anything.
Even if would have owed had you filed the returns, something form the early 1990s is so far past the statute of limitations that you are off scot-free now.
If your earnings back then were from wages documented on Form W-2 and you never heard from the IRS it's a virtual certainty that you were due refunds from the unfiled years. There's a 3 year statute of limitations on claiming refunds, so those are gone forever now.
If that was self-employment income that you never reported, it will not be included in your wages for calculating your benefits when you retire. There's only a 3 year window to add income to your SS earnings record and that is closed forever now. Your benefits will be permanently reduced and there's no way to change that.
- ninasgrammaLv 78 years ago
The amount of your benefit at retirement will not be reduced for income tax you may owe.
If the IRS has requested those years, or assessed tax you owe on those years, you should file those tax returns. If you have no communication about it by now, the matter is closed and you will not be assessed tax for those years.
Once you are receiving SS retirement benefits, if you have tax debts and the IRS can't collect any other way, it is possible for them to garnish your SS benefit, but this is not often done. If you find yourself in this situation, get professional assistance.
- troLv 78 years ago
so you have no idea if you owe for those years or not? and you have not been notified by IRS of the delinquent tax returns?
to the garnishment, yes SS can be docked 15% if you owe back taxes
- acmeravenLv 78 years ago
Contact the employers and obtain duplicate W-2 forms and get the returns filed so social security can credit your work history and pay you a larger amount.
- lishegoLv 45 years ago
the super subject at present is super families. Who will pay for all of them? it is not any longer proper, we shelter our elderly. there is not any reason to provide up it 50% of the elderly lived in abject poverty until now SS. Sorry money does not do plenty in case you do no longer use it for sturdy.