Ask Larry

Will I Lose My Benefits If I Use My Husband's Tax ID For My New Business?

Hello,I currently for the past 3 months or so have been selling on fb marketplace and recently got a message that O needed to provide them with my SS #. Got kinda scared after that,that I'd lose my benefits. If my Husband uses his Tax ID # for my new Fb Bussiness page/Shop,will I lose my benefits. Still using my name on page,shop? Ty

Hi. You don't mention your age or what type of benefits you receive, so I can't really give you a good answer. Assuming you receive Social Security benefits, though, hiding your income by reporting it under your husband's tax ID# could be considered as fraudulent by Social Security.

If you're receiving Social Security disability (SSDI) benefits, then you could likely earn an average of up to $1310 per month without losing your benefits. You're required to report any earnings that you have if you're receiving disability benefits. If you're under full retirement age (FRA) and you're receiving Social Security retirement or auxiliary benefits then you could earn up to at least $18,960 this year without losing any benefits. Or, if you are receiving Supplemental Security Income (SSI), then just about any amount of income could potentially affect the amount of your payment.

Best, Jerry

Category: 
Posted: 
Sep 13 2021 - 8:55am
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.