- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is it allowable to send a large lump sum personal check to social security to increase your ss monthly benefit?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
No, that is not allowed.
You pay Social Security taxes based on your SS wages if an employee. Or if you are self-employed you pay Self Employment taxes on your net profit. SE taxes are for both the employer and employee portions of SS and Medicare taxes.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
are you asking about a situation where you started receiving Social security benefits, but now want to delay the benefits to later when your older and benefits would increase?
if so
the only way to increase your monthly amount is to repay all the money you've already received and then re-apply for benefits at your older age. contact the social security administration
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
No. This person is 66 and hasn’t started benefits yet. SS statement shows a monthly benefit of 1400 per month. Person would like to increase that to $3k per month. And has the resources to send a check for up to $200k to social security to increase the benefit. I don’t want to get at the reasons why.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
no you can't social security benefits are based on wages and other earned income. your payment would be rejected.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
That’s what I thought. Thanks for the information!