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Social Security Acting Commissioner Kilolo Kijakazi told Congress in mid-October that the agency sent overpayment notices to 1.03 million people in fiscal year 2022 and 987,000 people in 2023.
You must pay taxes on your Social Security benefits if you file a federal tax return as an individual and your combined income exceeds $25,000 a year. If you file a joint return, you must pay ...
"While this policy of seizing tax refunds to repay decades-old Social Security overpayments might be allowed under the law, it is entirely unjust," Democratic Sens. Senators Barbara Boxer of ...
If you made any increased contributions to tax advantaged retirement accounts, such as a 401(k), which reduce your taxable income now, the taxes on your gains or even later upon withdrawal, such ...
As previously reported by GOBankingRates, the SSA’s latest Agency Financial Report revealed that the agency made about $11.1 billion worth of new overpayments to Social Security beneficiaries ...
Due to the size and complexity of the Social Security system, recipients sometimes receive the wrong benefit amount. Unfortunately, this can lead to a hefty surprise bill. On Oct. 4, the Social...
According to the IRS, the average tax refund for 2022 is $2,933, as of Mar. 17 -- and the agency has already refunded nearly 54 million overpayments. That's almost an 85% increase over the number ...
Social Security overpayments add up to a substantial amount, creating administrative and fiscal management problems for the Social Security Administration. It's hard for recipients, too ...
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