# Does Social Security share information with the IRS



## Gene42

If information is shared does one know what type of information? 

For example: I have not filed for 35 years and I "believe" that my Gross Income" is less than the required amount for filing. I did a quick review of the last 10 years and I'm reasonably certain that I do not need to file due primarily to a large capital loss that I can carry forward. However, I'm at the age to file for SS and I think I worked the minimum years to qualify if I include part time jobs while going to college in the US. My concern is what if they do indeed exchange information and the IRS wants to go back beyond 10 years and they find a year which I should have filed, for example or some other violation that I may not be aware and suddenly with interest and penalties after 25 years I owe them $500k. 

Thanks,
Gene


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## Bevdeforges

In general, no, they don't regularly exchange information - until and unless you start drawing Social Security benefits. At that point, the Social Security Administration will send a 1099 (of sorts) to the IRS indicating what you were paid and what (if any) taxes were withheld from that. 

However, don't depend on the capital gains carryover to keep you under the filing threshold. They really want gross revenue - before you apply any losses, deductions or exclusions/exemptions. While it's very possible, maybe even likely, that you don't owe the IRS anything on your taxes, you need to take some decision about filing (perhaps under the Streamlined Compliance procedure). That would require only three years back plus 6 years back FBARs.
Cheers,
Bev


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## Gene42

Thanks Bev. My mistake regarding what is included in Gross Income.


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