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Ask Megan C Your Own Question

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 13216
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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IF I EARNED 2 QUARTERS IN 2008 AND 2 QUARTERS IN 2009 AND

Resolved Question:

IF I EARNED 2 QUARTERS IN 2008 AND 2 QUARTERS IN 2009 AND THE AMOUNT IS EQUAL TO OR MORE THAN THE MAXIMUM FOR THE LATTER YEAR WILL THEY STILL BE COUNTED EVEN THOUGH IT WAS NOT A FULL YEAR? WHAT REFERENCE SUPPORTS THE ANSWER?

i HAVE QUITE A FEW YEARS OF O ON MY EARNINGS. i HAVE ALWAYS WORKED BUT WAS NEGLIGENT IN KEEPING RECORDS. iT COULD BE THAT i WAS WORKING AS AN INDEPENDENT CONTRACTOR AND PAID VERY LATE. hOW CAN i FURTHER INVESTIGATE THIS?
Submitted: 11 months ago.
Category: Social Security
Expert:  Megan C replied 11 months ago.

MyVirtualCPA :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

MyVirtualCPA :

You can have 2 quarters of credit in a year - you don't need a full 4 years for the quarters to count

MyVirtualCPA :

To see how credits are counted you can view this resource: http://www.ssa.gov/oact/cola/QC.html

MyVirtualCPA :

It tells you how much you must work in a quarter for it to be covered, by year

MyVirtualCPA :

To find out your work history with social security, you can go to the office and make a request for your work history and they will give it to you

MyVirtualCPA :

Do you have any further questions about this matter?

Customer:

i HAVE ALREADY VIEWED THE RECOMMENDED WEB SITE. Can YOU GIVE ME A SIMPLE ANSWER EITHER YES THEY ARE COUNTED OR NO THEY ARE NOT COUNTED. what PART OF THAT SITE SPECIFICALLY SUPPORTS YOUR ANSWER. iS THEFRE ANY WAY TO FIND WORK HISTORY ON LINE?

MyVirtualCPA :

You cannot, unfortunately, get your work history online listed by employer - but you can go to www.ssa.gov/myaccount and see how much you earned each year

MyVirtualCPA :

Yes, your quarters are counted

MyVirtualCPA :

The entire site page that I gave you references that.

Customer:

i WAS IN PUBLIC INDUSTRY FOR MANY YEARS. THEN i BECAME A TEACHER. iF TEACHERS HAVE 30 YEARS OF PAYING SOCIAL SECURITY THEY ARE EXEMPT FROM THE GOVT REDUCING THEIR SOCIAL SECURITY. BUT WHEN i GO THERE THEY REFUSE TO COUNT THE INDIVIDUAL QUARTERS.

MyVirtualCPA :

It's 30 years of "substantial earnings" so you would have to earn more than a specified amount in a year - it doesn't go by quarters

Customer:

WHAT SHOULD i DO

MyVirtualCPA :

Let me get you the chart that lists substantial earnings

MyVirtualCPA :

Then you can go online to www.ssa.gov/myaccount and get a reading of your earnings history

MyVirtualCPA :

count the years where your earnings were greater than the amount in the substantial amount table

MyVirtualCPA :

if you had 30 or more, you're not subject to WEP

MyVirtualCPA :

http://www.ssa.gov/pubs/EN-05-10045.pdf

MyVirtualCPA :

There's the chart

Customer:

THIS IS WHY i AM ASKING IF THE THE QUARTERS IN A 2 YEAR PERIOD CAN BE ADDED AND COUNTED AS 1 YEAR IF THE SUM OF THE 2 IS GREATER THAN THE SUBSTANTIAL AMOUNT FOR THE LATEST YEAR

MyVirtualCPA :

No, unfortunately you could not count that

MyVirtualCPA :

But, if you were trying to get 40 quarters of coverage to even get benefits you could count partial years

Customer:

i HAVE COVERAGE. bUT i WAS ALWAYS TAUGHT THAT 1/4+2/4 1/4=1

MyVirtualCPA :

The WEP calculation does not go by quarters - it goes by years of substantial earnings

MyVirtualCPA :

So, if you had 120 quarters, but less than 30 years of substantial earnings you would still be subject to WEP

Customer:

GOT IT, DONT LIKE IT BUT OH WELL

MyVirtualCPA :

I'm truly sorry if this is not in your favor.

Customer:

HOW DO i GET the chart that lists substantial earnings?

MyVirtualCPA :

http://www.ssa.gov/pubs/EN-05-10045.pdf

Customer:

aND HOW DO i FIND THE CHART THAT SHOWS HOW MUCH INCOME TAX i HAVE TO PAY BASED ON MY EARNINGS FOR 2012?

MyVirtualCPA :

You would need a tax calculator for that. There's not a chart that shows your income tax based on your income. It's a complex calculation

MyVirtualCPA :

Here's a tax calculator: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Customer:

iN THE NEXT FEW YEARS IF i ACQUIRE THE 30 YEARSTHAT SATISFIES THE WEP, WILL MY HUSBAND, WHO ALSO WAS A TEACHER, BE ELIGIBLE TO ANY OF MY SOCIAL SECURITY UPON MY DEATH? IF ANY WHAT PERCENTAGE

MyVirtualCPA :

Your husband would be eligible for 100% of your benefit --- however, he would have to have the 30 years of substantial earnings to claim it. Otherwise, your benefit is reduced by 2/3 of his pension from being a teacher

MyVirtualCPA :

He has to have the substantial earnings, not you to claim survivor benefits

MyVirtualCPA :

Is there anything else I can assist you with today?

Customer:

SO IF MY HUSBAND ONLY HAS 10 YEARS OF SUBSTANTIAL EARNINGS AND i PASS AWAY WOULD HE BE ELIGBLE FOR 2/3 OF WHAT EVER i WAS RECEIVING?

MyVirtualCPA :

No, it's likely he would not get anything, as 2/3 of his pension is greater than your benefit

Customer:

i DON'T THINK i WAS CLEAR IN ASKING ABOUT THE INCOME TAX CHART IT GOES SOMETHING LIKE THIS

Customer:

15% (20,000-30,000)

MyVirtualCPA :

Oh you mean tax brackets

Customer:

YES

MyVirtualCPA :

http://www.bankrate.com/finance/taxes/2012-tax-bracket-rates.aspx

MyVirtualCPA :

there ya go - 2012 tax brackets

MyVirtualCPA :

Is there anything else I can assist you with today?

Customer:

iT HAS BEEN A PLEASURE WORKING WITH YOU MAY i REQUEST YOU IN THE FUTURE?

MyVirtualCPA :

Yes! I would love it if you would. simply come here and put "to MyVirtualCPA" in the subject of your question

MyVirtualCPA :

And before you leave, please take a moment to rate my response as "excellent' so that I may receive credit for assisting you today

Customer:

OKAY SO IT AUTOMATICALLY FINDS WHO HELPED ME LAST?

MyVirtualCPA :

This may be easier: Just go to this address: http://www.justanswer.com/finance/expert-myvirtualcpa/

MyVirtualCPA :

and enter your question below my picture

Customer:

i AM ALL DONE ASKING YOU QUESTIONS BUT i AM GOING TO LEAVE THE WINDOW OPEN SO THAT i CAN COPY THE WEB SITES. hAVE A GREAT WEEK.

MyVirtualCPA :

You too. Please rate the response as "excellent" so that I may receive credit for assisting you today. YOu should still be able to copy the websites after doing so.

MyVirtualCPA :

Have a great night!

Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 13216
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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