PoorLirberalCross added Senta Security

satsukinoane — Thu, 15 Jul 2021 21:50:24 GMT

If a full-time employee (over the legal full retirement age) who is receiving Social Security benefits began taking RMD from IRA and 403B, should the entire RMD amounts be reported to the Social Security Office? What form is used to report the RMDs to the SS Office? If the report is one year overdue (due to ignorance), what could be the consequences? Any penalty?

Re: PoorLirberalCross added Senta Security

xmasbaby0 — Thu, 15 Jul 2021 23:02:45 GMT

Money from retirement accounts does not have to be reported to Social Security. Are you confusing that with the requirement to report income from certain kinds of pension funds?

Are you confused about the Windfall Elimination Provision?

Windfall Elimination Provision (WEP)

If you are eligible for a pension based on work you did for a federal, state, or local government, a nonprofit organization, or in another country and you did not pay Social Security taxes, this pension can affect the amount of your Social Security benefits.

topic PoorLirberalCross added Senta Security in Retirement tax questions

PoorLirberalCross added Senta Security

Re: PoorLirberalCross added Senta Security

Windfall Elimination Provision (WEP)