Received check, not sure why?
My husband received a check from U.S. Department of the Treasury Bureau of the Fiscal Service for $9456.70. The memo line says SOC SEC FOR INS, I believe this means Social Security. He doesn’t receive SS not enough quarters. We pay his Medicare out of pocket every 3 months. He is on a pension. Should we deposit the check and will we have to pay taxes on it. Confused on what yo do? Thank you
Terry Says
The key to your question is the word “pension.” Is he receiving a public employee pension? This is likely a payback of the WEP– the money that has been deducted from what WOULD have been his SS benefits.
And, the word “INS” might mean they are paying back the Medicare premiums you paid out of pocket — although I haven’t heard of that happening.
So, first how do you know he wasn’t eligible for SS with not enough quarters? Perhaps they miscalculated in providing this check.
But instead of calling SS,I’m going to suggest you go to www.MaximizeMySocialSecurity.com and pay the $49 to get the CORRECT answer to the benefits he SHOULD be receiving, after the recent WEP adjustments. Then you’ll have a better idea of whether this is a correct payment, or a mistake that might ultimately be clawed back.
And, if it IS correct, remember you’ll have to pay taxes on it!
