Can My Husband Pay Social Secuirty Taxes For The Last 5 Years Retroactively?
My husband was self employed for 5 years and filed taxes for those 5 years, but did not pay his social security taxes. Is there a way to pay them retroactively?
Hi,
Well, first off your husband would need to have had a net profit of at least $400 in one or more of those years to owe self-employment (i.e. Social Security) taxes. If he didn't, he couldn't pay self-employment taxes on a voluntary basis in order to earn Social Security credits.
If your husband didn't report a self-employment profit and he actually did have a profit in any of the . . . Read More
Category: Earnings Subject To Social Security Taxes
Posted: Jul 27 2019 - 9:54am
If My Friend Received A Lump Sum From Social Security, Will It Affect Her Benefit Amount?
My friend just started collecting SS. Born 1952 ,started collecting at 67. She got a lump sum. This sounds to good to be true. It sounds like it might affect your monthly amount. She continues to work. I ve been thinking of starting my receiving mine when I turn 67 this October 2019. Please advise.
Hi,
Since your friend filed for benefits a year after she reached her full retirement age (FRA) of 66, she was allowed to claim benefits retroactively for the maximum possible 6 months. Assuming that's what happened, Social Security would then pay her back . . . Read More
Category: Retirement Benefits
Posted: Jul 26 2019 - 4:43pm
Is It True That My Mother Isn't Eligible For Spousal Benefits Because She Was A Civil Servant?
Hi Larry,
I'm trying to help my parents, and was hoping you could help. My dad is 82 and my mom is 68. (Second marriage for both.) My dad collects SSI benefits, but my mom does not. She retired from the Federal government under the old civil service rules, which means she did not contribute and is therefore ineligible. She has less than 40 quarters from her time prior to civil service. Should she be eligible for spousal benefits or, when my dad passes, widow benefits. My understanding is that she would be eligible if she had never worked, but her local SS office is . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jul 26 2019 - 8:16am
Will My Earnings After 70 Affect My Social Security Benefits?
will my earnings affect my social security benefits after 70 ?
Hi,
There is no limit on how much you can earn and still draw your Social Security benefits once you reach full retirement age (FRA). So, earnings after age 70 wouldn't affect your ability to receive benefits.
Additional earnings on which you pay Social Security taxes can be used to calculate or recalculate Social Security retirement benefits regardless of a person's age at the time they have the earnings, so if you continue working after age 70 your earnings could cause your . . . Read More
Category: Miscellaneous
Posted: Jul 25 2019 - 6:00pm
Who Gets The Money From The Sale Of My House, Social Security Or Me?
I own my home and have been receiving monthly sis but due to house getting old I moved to low income housing. My house is up for sell and when it sells who gets the money from house, sis or me, Judy?
Hi Judy,
I assume you mean that you are receiving Supplemental Security Income (SSI), which is the needs based program administered by Social Security. In order to qualify for SSI, you can't have resources valued at more than $2000, but a house in which you live is excluded from counting as a resource. If you sell your home and don't use the proceeds to . . . Read More
Category: Supplemental Security Income
Posted: Jul 25 2019 - 5:48pm
Can I Get My Full SS Benefit With No Reduction Until I Start Collecting My PERS?
Question: I am contributing to PERS and am FRA and have paid into SS for over 40 quarters. If I continue working and don't start collecting from PERS, can I get my full SS benefit with no reduction till I start collecting my PERS?
Hi,
Yes. The Windfall Elimination Provision (WEP) doesn't apply until you actually claim your non-covered pension. However, before filing you may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to determine your best . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jul 25 2019 - 5:41pm
How Many Months Can I Claim Widow's Benefits Retroactively?
My DOB is May 1952 and my deceased husband's DOB was April 1951. I used the Maximize My Social Security software, which showed that with one exception it would be best for me to take my social security benefit at my FRA (66) and for him to start taking his spousal benefit, while letting his benefit grow to age 70, because his was greater. (The one exception would be if my husband should die within the first year, which as it turned out is what happened.) We applied for these benefits in November 2018 and received 6 months retroactive payment to the month that I turned 66. . . . Read More
Category: Widow's Benefits
Posted: Jul 25 2019 - 5:24pm
Will My WIfe's Spousal Benefits Affect My Wages?
I will be 70 on 06/12/2020, but work till the end of 2020 an retire. My wife will be 64 in 2020 she will retire in july 2020. She will draw off of my social security an recieve half of what i get. Will this affect my wages for 2020.
Hi,
If your wife receives spousal benefits from your Social Security record it won't have any affect on your benefit rate or any wages that you earn. It may have an impact on your taxes, but that's not my area of expertise.
I don't know if you've already claimed your Social Security retirement benefits, but your . . . Read More
Category: Spousal Benefits
Posted: Jul 25 2019 - 9:44am
Is There Anything I Can Do To Avoid WEP?
Hello;
How about a little out of ordinary few Questions :)
I am a US expat living and working in UK since 1996, came over with a job transfer, stayed. I paid 19 full years of substantial earning taxes and soc sec in the states, and after that i paid my taxes of roughly 23 years here in UK. I always filed both US and UK tax returns, it is the law to do so. As foreign earned income is subject to exclusion by IRS (in recent years in the $70K per year exclusion amount) the net income amounts reported on my US incomes were being reduced to none and therefore not . . . Read More
Category: Non-Covered Pension - WEP / GPO
Posted: Jul 24 2019 - 5:54pm
What Month Of The Year Is The Best Time To Begin Social Security?
Turned 66 in July. Have not applied for SS benefits. I've heard that it is critical to apply at a certain time (month) of the year to take full benefit of the recalculation each year while I'm still working. I will work until 70, at $104K/year...which will make up for those lean years as they drop out of the calculations. What month of the year is the best time to begin SS?
Hi,
There's no set best month of the year to claim benefits. Each person's situation is different, and there's no standard best strategy for claiming benefits. In your case, it . . . Read More
Category: Filing Strategies
Posted: Jul 24 2019 - 5:34pm
