social security

[irishgirl0117]

Does social security have the right to garnish your benefits from selling used personal items?

[kensgiftshop]

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@comics-scifi-collectibles wrote:

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@irishgirl0117 wrote:

Does social security have the right to garnish your benefits from selling used personal items?

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You should ask a CPA this question.  If I am understanding you correctly you are talking about the limit on the amount you are allowed to earn while receiving social security benefits when you are 65 or younger.  

ANY income counts towards that maximum allowed amount before they start taking back part of your income.       You are supposed to declare all income on your taxes no matter the source.  Be sure to deduct item cost, shipping expenses etc from your gross.       

This is from google: If you're younger than full retirement age during all of 2020, we must deduct $1 from your benefits for each $2 you earn above $18,240.

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When I got my disability approved last year, I ask them if my online earnings would affect the amount I received.

They said they'll go off my income taxes to adjust the amount if they need to.

But, they never did tell me how much I could earn before it affected my disability.

[luckythewinner]

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@irishgirl0117 wrote:

Does social security have the right to garnish your benefits from selling used personal items?

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I think you are asking - in a roundabout way - if income from eBay sales is considered when calculating your Social Security benefits. (SS benefits can be diminished if you earn too much money while collecting SS benefits.)

That question depends upon many factors - such as how old you are, how much you make, whether you declare the eBay profits as capital gains or business income, etc.

If those items are sold at a profit, you may have taxable income. If they are sold at a loss, you may not have taxable. But it is your tax return that determiness that, not the fact that the sales happened on eBay or that you sold "used personal items".

But if you are truly selling used personal items at a loss, any good accountant should be able to help you avoid showing money as income on your tax return.

[pburn]

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@chapeau-noir wrote:

Yes - a lot of people don't sell just on eBay anymore. I'm a part-timer who makes over the threshold with online sales so I have to pay taxes on my net income, but the claw-back doesn't happen because I'm past retirement age.  For personal items under fully vested retirement age it's still the net income that would be considered.

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I got hit hard during my second or third year after retirement. I was not at my FRA when I retired, and I received a  payout from my employer for all my unused vacation (seven weeks' worth). Then I worked a part-time job. It took them a couple of years, but they finally figured out they'd overpaid my benefits for my first year of retirement.

Man--that claw-back was a tough one.

[southern*sweet*tea]

Social Security retirement? Or disability (SSDI)?

Two very different programs with different rules.