I want to retire but own a business that provides too much income. Can my wife apply for an ein tax number and have all income from the business paid to her

Hi,

Assuming that you still intend to be doing the work in question as opposed to your wife, what you are proposing sounds potentially fraudulent to me. However, I don't have enough information about your business to know for sure. All I can really tell you is that earned income is supposed to be reported under the Social Security number of the person who does the work involved.

It's possible that such an action would be questioned by either Social Security or the IRS. I'm not a tax expert or a lawyer, though, so I don't know what kind of problems that you might be creating for yourself.

Furthermore, by diverting your earnings to your wife's record you may be doing more harm than good as far as your best Social Security strategy goes. Do so may result in you receiving a lower benefit rate, which could also mean lower benefits for your wife if she becomes eligible for spousal or widow's benefits on your record. You may want to strongly consider using the maximization software available on this website to determine your optimal strategy.

Best, Jerry