Richard A. Lindsey, CPA Lindsey & Waldo, LLC – Certified Public Accountants
  • You Could See a 15% Cut in Your Social Security

    Filed under Informational, Taxes
    Nov 2

    If you owe money to the IRS and you are receiving Social Security benefits due to Federal Old-Age and Survivors Trust Fund or Disability Insurance Benefits, the IRS can take 15% of your Social Security payments to satisfy your tax debt. Prior to 1996, there was a $750/month “off limits” amount that had to be left for the Social Security recipient. That changed with the introduction of the Federal Payment Levy Program, which allowed for 15% of the total monthly payment to be collected—regardless of the amount left after the Social Security levy…NO amount is off limits!

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