The CP92 means the IRS has issued a levy on your Social Security benefits. This is beyond the warning stage (CP91). The levy is active. Starting with your next payment, the Social Security Administration will withhold up to 15% of your monthly benefit and send it to the IRS.
How It Works
The levy is continuous. Unlike a bank levy that's a one-time grab, the Social Security levy takes 15% of every monthly payment until the tax debt is satisfied, until the collection statute expires, or until you reach a resolution with the IRS that includes levy release.
If your monthly benefit is $1,800, you'll receive $1,530 each month. The $270 goes to the IRS. On a $30,000 tax debt, the levy alone would take over 9 years to satisfy the balance (not counting interest and penalties, which continue accruing on the unreduced portion).
How to Stop It
You have several options. Request a Collection Due Process hearing if you received a CP90/CP91/LTR 1058 and are still within the 30-day window (unlikely if the levy is already active, but check your records). Contact the IRS and propose a collection alternative such as an installment agreement for a smaller amount than the 15% levy, Currently Not Collectible status if the levy causes financial hardship, or an Offer in Compromise if you qualify.
If the levy creates an economic hardship (you can't meet basic living expenses), the IRS is required to release the levy under IRC Section 6343(a)(1)(D). You'll need to demonstrate the hardship with a completed financial statement showing that your income minus necessary expenses doesn't leave enough to sustain the levy.
The Taxpayer Advocate
If the Social Security levy is causing immediate financial distress and you can't get relief through normal IRS channels, contact the Taxpayer Advocate Service. They can issue a Taxpayer Assistance Order requiring the IRS to release the levy while a resolution is worked out.
If your Social Security is being levied, call us at (813) 229-7100. We handle Social Security levy releases and can help you get relief.