How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ray Your Own Question
Ray
Ray, Employment lawyer
Category: Employment Law
Satisfied Customers: 36956
Experience:  30 years in Employment law
8534270
Type Your Employment Law Question Here...
Ray is online now
A new question is answered every 9 seconds

I am a 64 year old male that has been on Federal Social Security

Customer Question

I am a 64 year old male that has been on Federal Social Security Disability for 4 years....I own a 25% share in a small LLC.. My son owns 75% of the company I unvested all the funds to get the LLC off the ground
I am
currently negoiating a contract that would effect my monthly SSD payment
Ive been living on
Submitted: 8 months ago.
Category: Employment Law
Customer: replied 8 months ago.
Are you there ?
Expert:  Ray replied 8 months ago.
Hi and welcome to JA. Ray here to help you today. You must report it here, it should not affect SSDI benefits.SSDI is based on your work history and disability.It is different than SSI which would be affected.SSDI will not be affected here from reporting such income. Reference.https://www.ssa.gov/disability/Documents/T2%20Reporting%20%20Disability%20doc%20final.pdf
Expert:  Ray replied 8 months ago.
I appreciate the chance to help you today.Bot***** *****ne here is you report it, should not affect SSDI.
Expert:  Ray replied 8 months ago.
Let em know if you have more follow up, thanks again. If you can positive rate when we are done it is always much appreciated,
Customer: replied 8 months ago.
SSD said anything over $920.00 will decrease my SSD
Customer: replied 8 months ago.
my son own 75% of the LLC I have 25% but have invested all the money
Expert:  Ray replied 8 months ago.
It might reduce it for a month if it is this amount or above.You might have them pay you in three or so payments.
Customer: replied 8 months ago.
contract is for over $75,000
Customer: replied 8 months ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Ray replied 8 months ago.
So have them pay you out over time here.Otherwise since it is this large it will reduce your benefits.If you were getting regular SS it would not affect it here. If Your Income ChangesIf you are receiving income other than SSI, you must tell the SSA about any changes to your income. Changes in your income will generally affect your SSI payments in about two months. And if you are married, you should also tell the SSA about any changes in your spouse’s income.
Expert:  Ray replied 8 months ago.
I am not set up for phone calls can offer extended chat, will send offer.
Expert:  Ray replied 8 months ago.
SS 11What you must report to usPlease notify us promptly by phone, mail, or in personwhenever a change occurs that could affect your benefits. Weexplain the changes you must report to us on pages 11-17.Family members receiving benefits based on your workalso should report events that might affect their payments.Information you give to another government agency maybe provided to Social Security by the other agency, but youalso must report the change directly to us.NOTE:If we find that you gave us false information onpurpose, your benefits will be stopped. For the first violation,your benefits will be stopped for six months; for the secondviolation, 12 months; and for the third, 24 months. Also, ifyou don’t report a change, it may result in your being paidtoo much. If you’re overpaid, you’ll have to repay the money.Have your claim number handy when you report achange. If you receive benefits based on your own work,your claim number is ***** same as your Social Securitynumber followed by the letters “HA.” If you receivebenefits on someone else’s work, your claim number willbe the other person’s Social Security number followed by adifferent letter. The award notice you received when yourbenefits started shows your claim number. You also shouldbe prepared to give the date of the change, and, if different,the name of the person about whom the report is made.
Expert:  Ray replied 8 months ago.
https://www.ssa.gov/pubs/EN-05-10153.pdf
Customer: replied 8 months ago.
I am on SSD not SS
Expert:  Ray replied 8 months ago.
I understand.I am still looking at this.I know you have to report it.If you take it as a one time payment it may reduce you for the month.
Expert:  Ray replied 8 months ago.
Wondering if they are counting this as self employment income
Customer: replied 8 months ago.
probably but working under LLC
Expert:  Ray replied 8 months ago.
No Limits on Unearned IncomeWhile a disabled (nonblind) person applying for or receiving SSDI cannot earn more than $1,130 per month by working, a person collecting SSDI can have any amount of income from investments, interest, or a spouse's income.
Expert:  Ray replied 8 months ago.
You would want to make sure you report this as one time revenue from an investment sale.
Expert:  Ray replied 8 months ago.
It is real important how you categorize this.It isn't income from work here.
Expert:  Ray replied 8 months ago.
http://www.disabilitysecrets.com/resources/social-security-disability/ssdi/income-limits-ssdi-benefits You may want to do a cover letter stating what the payment is from--don't call it income. The answer you got depends on how you phrase it.Income from work will reduce benefits.Its a tricky slope so be careful.
Expert:  Ray replied 8 months ago.
Thanks again for letting me help you today.
Customer: replied 8 months ago.
Thx Ray can you send me a copy of this exchange ? so repayment on my investment ? try to take my share as a 1 time payment ?
Expert:  Ray replied 8 months ago.
A one time payment from sale of asset should not be counted here.They will email you our chat when you rate here.Thanks again.
Expert:  Ray replied 8 months ago.
Make sure you report it as a one time sale, they will email you our chat for your files when you positive rate.