129.1Can you transfer future Social Security benefits?
No, you cannot transfer your future Social Security benefitsand SSI payments to someone else.
129.2Can your Social Security benefits be levied or garnished?
If you have any unpaid Federal taxes, the Internal Revenue Service can levy your Social Security benefits. Your benefits can also be garnished in order to collect unpaid child support and or alimony.Your benefits may also be garnished in response to Court OrderedVictims Restitution. SSI payments cannot be levied or garnished. Treasury's Financial Management Service can also offset, or reduce,your Social Security benefits to collect delinquent debts owed toother Federal agencies, such as student loans owed to the Departmentof Education.
129.3Can you voluntarily withhold money to meet your tax liability(voluntary tax withholding)?
You may ask to have a percentage of your monthly payment amount withheld and paid each month to the Internal Revenue Service to helpmeet your Federal income tax liability.
129.4What types of payments are not subject to voluntary tax withholding?
The following types of payments are not subject to voluntary tax withholding:
SSI payments;
Black Lung payments;
Lump-sum Death Payments; and
Returned check re-issuances.
Last Revised: December 16, 2019
As an enthusiast well-versed in Social Security benefits and related financial implications, I can confidently address the various aspects discussed in the article you've provided.
Firstly, the article touches upon the transferability of future Social Security benefits and Supplemental Security Income (SSI) payments. It explicitly states that these benefits cannot be transferred to another individual. This restriction is a fundamental aspect of Social Security and SSI regulations, ensuring that these benefits remain allocated solely for the intended recipient.
The text also delves into the issue of levying or garnishing Social Security benefits. It clarifies that while certain entities such as the Internal Revenue Service (IRS) can levy Social Security benefits for unpaid federal taxes, garnishments can occur for specific purposes, including the collection of unpaid child support, alimony, or court-ordered victims restitution. Notably, SSI payments, unlike Social Security benefits, are protected from levies or garnishments.
Furthermore, the article outlines the possibility of voluntary tax withholding from Social Security benefits to address federal income tax liabilities. Recipients can request a percentage of their monthly benefits to be withheld and forwarded to the IRS, assisting in meeting their tax obligations.
However, there are certain types of payments exempted from voluntary tax withholding. These include SSI payments, Black Lung payments, Lump-sum Death Payments, and Returned check re-issuances. Recipients of these specific payments are not subject to voluntary tax withholding as per the outlined regulations.
It's crucial to note that the information provided in the article is as of December 16, 2019. It's advisable to check for any updates or changes in regulations or policies regarding Social Security benefits and related matters, as legislation and rules might have been revised or updated since then.
In summary, the article covers the non-transferability of Social Security benefits and SSI payments, guidelines concerning levies or garnishments on Social Security benefits, options for voluntary tax withholding, and exceptions to voluntary tax withholding for specific types of payments as of its last revision in 2019.
