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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 13524
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I will soon be retiring and applying for social security.

Resolved Question:

I will soon be retiring and applying for social security. I will also be moving to the Philippines. I understand that I will not be eligible for social security benefits in any month that I work more than 45 hours outside of the U.S.A.

I would like to write a few small books and self publish them. This activity would continue after I have moved to the Philippines.

If I were to create a Texas based LLC under which the books would be published, then report any income from that activity on my U.S. tax return, would this avoid the limitation of working outside the U.S.A. so that I could continue to receive social security?
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

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 :

I believe that publishing your books through a US LLC would allow you to keep receiving your social security benefits abroad.

MyVirtualCPA :

So, you could still write your books (and receive royalties off your previously written books) while living abroad and drawing social security

MyVirtualCPA :

Do you have any further questions for me today?

Customer:

The IRS publication talks about "requirement to report" any work outside the U.S. If I am working via the U.S. LLC, would that need to be reported ?

MyVirtualCPA :

No, that would not need to be reported

Customer:

Thanks.

Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 13524
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Megan C and 2 other Social Security Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thanks, XXXXX XXXXX your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.

In a couple of days you may receive a short survey. I would appreciate if you would fill the survey out favorably, as this will assist me with my rankings on the site. Thanks again!
Customer: replied 11 months ago.

Hello, I have a few more questions, somewhat related. It now looks likely that I will also work 45 hours a month as a part time employee of Oracle APAC, paid in Philippine pesos. My intent is to apply for Social Security benifits prior to starting this part time employment.


Where would the income from Oracle APAC be reported? Would it count as "earned income"? I expect that I will be paying Philippine income tax on this income. How will that impact my U.S. income tax?


 


Thank you in advance for your time and assistance.


 


Sincerely,


Greg Wood

Expert:  Megan C replied 11 months ago.
Greg,

Thanks for your follow up question. Your earned income in the Phillipines will count as earned income for SS purposes.

For your US income tax, you can exclude up to $97,600 of wages earned while you live and work abroad, so chances are you will not pay US income tax on this amount.

Please let me know if you have further questions. If not, please rate as "excellent" so that I may receive further credit for assisting you today.
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 13524
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Megan C and 2 other Social Security Specialists are ready to help you

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