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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16559
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Im an owner of a small business, can I draw benefits at 62

This answer was rated:

I'm an owner of a small business, can I draw benefits at 62 and stay involved with my business

MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

Yes, you can stay involved in your business, but you will be subject to the same earnings limitations as someone who is an employee is subject to.

MyVirtualCPA :

If you earn $15,120 or more, your benefits will be reduced $1 for every $2 above that amount.

MyVirtualCPA :

Social security considers your business profit your earnings. So, if your business earns less than $15,120 per year you can draw your entire check.

MyVirtualCPA :

Above that, reduce your benefit $1 for every $2

MyVirtualCPA :

Do you have any further questions?

Customer:

We gross almost $450,000 per year but I can reinvest in the business, enough to show $15,000 proffit or less . Am I still ok like that.

MyVirtualCPA :

It goes by your income that you report to the IRS

MyVirtualCPA :

So, if you report net income of $15,000 or less to the IRS on your share of the profits, you're good

Customer:

thanks

MyVirtualCPA :

You're welcome.

MyVirtualCPA :

If you would, please rate my response "excellent" so that I may receive credit for assisting you today.

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