Let’s say you were offered a new job or received an inheritance after filing for Social Security benefits, and now you want to stop those benefits until a later date. You have the option to withdraw your application for benefits.
The law that applies to withdrawing Social Security benefits changed in December 2010. The current rules for withdrawing are detailed below:
- You can only request a withdrawal of benefits once.
- A “Request for Withdrawal of Application,” form SSA-521, needs to be filed within one year of first claiming benefits.
- You must repay all benefits received, including spouse and children benefits, within the first 12 months of claiming.
- Anyone who received benefits based on your application must consent in writing to the withdrawal of benefits and agree to pay back what they received.
- Medicare premiums or voluntary federal income tax withheld also must be repaid.
Withdrawing an application to receive Social Security benefits should be considered a last resort scenario. You may also need to consider amending previously filed income tax returns if necessary.
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