Thank you for all of your help. It has been great information. The problem we face is that if we apply the Code 7, then our AGI will go way up and our social security checks will go down. We live on $64,000 a year before deductions. We need to figure out how we can prevent our AGI from going up as a result of our mistake. We did not know that the amount a retired person gets in social security depends on your AGI. It is very discouraging after working so many years.
