Gail in Virginia Posted March 3, 2022 Report Share Posted March 3, 2022 I have a client who is on a payment plan with the IRS as a result of an OIC that was accepted in 2013. He is current on his payments. He is still working full time, but he asked me if he starts drawing his social security if the IRS will want to increase his payments due to his increased income, or if they will garnish his social security. I think that as long as he stays current with his payments they will leave him alone unless they revisit this when he gets close to the 20 year statute expiring but I am not sure. Does anyone have any experience/knowledge of this? TIA. Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted March 4, 2022 Report Share Posted March 4, 2022 If no one answers this, I would like to post your question on a different forum. I am curious what the answer is. 1 Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 5, 2022 Report Share Posted March 5, 2022 If he had a Future Income Collateral Agreement, there can be a bump in payments for an OIC. These tend to be limited in duration (3-5 years) and I do not recall if they include socsec income, or just wage income, in the calculations. If memory serves (and they have changed nothing), it's tagged off of AGI. This is ONLY the case with a FICA/OIC. You fill out Form 3439, that is (or was) sent on paper, new every year, by the OIC office. 2 Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 5, 2022 Report Share Posted March 5, 2022 It is further limited to income above a threshold specified in the OIC. 1 Quote Link to comment Share on other sites More sharing options...
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