Received a 1099-c form, I am on early social security and limited to earned amounts of income. How can I avoid having my
Greensboro, NC |
social security with held because the amount claimed takes my gross over the allowed amount. Can this be split over a couple of years with the IRS or what can I do? I barely exist now with living expenses.
There is not enough information in your post to answer your specific question.
Here is some general information. Technically wealth that accrues to you in a given year is counted / subject to tax in that year as it is considered income. However, that being said in general, forgiven debt should not be considered "earned income" just plain old 'income', so it should not be subject to the Social Security retirement earnings tests.
How much can I earn while receiving Social Security retirement benefits?
A beneficiary under the full retirement age:
Can earn $14,160 a year and not lose any benefits in 2011.
We will deduct $1 in benefits for every $2 earned above $14,160.
Information on this site is provided by Brian Scott Wayson as general information, not legal advice, and use of this information does not establish an attorney-client relationship. If you have questions about your specific situation, please call an attorney.