Taxes: January 2008 Archives
Offset provision.
Turner said the Windfall Elimination provision impacts the teaching profession because people are less likely to leave other careers in which they earn Social Security benefits to become educators.
The Government Pension Offset and Windfall Elimination provisions have the severest effect on widowed lower-income women who have worked hard for years and can least afford reduced benefits."
The 1099s are sent to all persons who receive Social Security benefits, reporting how much they received during the year. That information is needed to fill out income tax returns. The Internal Revenue Servicereceives copies of the 1099s, which are matched to returns by computer.
Corrected forms will be sent to all affected Social Security recipients and to the IRS by the end of the month, Lassiter said. Because corrected information is on the way, he said the Social Security Administration decided not to tell the public about the mistake until asked about it by a reporter."
