(Emphasis added.)There have been quite a few mentions of "correcting the record." In your opinions what all does this include. What I have done so far is:
1. Educated 1040 information return with form 4852.
2. Letter to the SSA with SSA-7008 Request for Correction of Earnings Record and form 4852. (No response, I recently requested SSA Earnings Statement to see if record was changed.)
3. This week I will present my company and IRS with an Annulment of W4.
A response by tax law expert richardf614 seems to suggest that sending SSA-7008s is a common practice among the Lostheads. If so, and if SSA processes the "corrections", that will reduce or eliminate social security benefits for the successful Lostheads by reducing their covered quarters. That could free up some funds to extend the life of the system.
An SSA-7008, even if processed by SSA will, of course, have no effect on the Lostheads income tax or social security tax liabilities, only their earnings records. Such a completely selfless act seems out of character for the Lostheads. You never can tell.