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retirementlawyer
retirementlawyer, Tax Attorney
Category: Social Security
Satisfied Customers: 17080
Experience:  13 years experience in social security
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I am a small business owner, age 62, for the past 10 years

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I am a small business owner, age 62, for the past 10 years I've taken a wage of 12,500 from the business. I also receive 48,000. In non-passive income. Can I receive social security at age 62?

retirementlawyer :

Hello and welcome. My name isXXXXX am a Licensed practicing attorney and my goal is to provide you with excellent service today.

retirementlawyer :

As long as you have earned work credits for over 10 years you would be entitled to social security,

retirementlawyer :

if you paid payroll taxes during the last 10 years, those earnings

retirementlawyer :

would make you entitled,

retirementlawyer :

Your real issue will be the non passive income,

retirementlawyer :

if you plan to take social security early,

retirementlawyer :

there is an earnings penalty,

retirementlawyer :

the annual exempt amount in 2014 is $15,480

retirementlawyer :

Pension payments, annuities, and the interest or dividends from your savings and investments are not earnings for Social Security purposes.


Only earned income, your wages or net income from self-employment, is covered by Social Security.


You may have to pay income tax on pensions, annuities, interest or dividends, but you do not pay Social Security taxes. Those types of income are not on your Social Security record.

Customer: The non passive income is automatically deposited in my personal joint home account. Should I be writing check to my wife and make her 90% shareholder?
retirementlawyer :

that may be better,

retirementlawyer :

it depends on what non passive income you are getting,

retirementlawyer :

non passive income is typically wages from a job,

retirementlawyer :

if it is pension payments or interest income, you can apply without the penalty

Customer: I deposit 4000 a month from business into personal joint account. Would this affect my social security?
retirementlawyer :

yes, if it is from your business it will not make you entitled,

retirementlawyer :

until age 66 or your full retirement age,

retirementlawyer :

when the penalty goes away

Customer: So, if I start writing check to wife, make her 90% shareholder, will that work?
Customer: The 4000 transfer I make monthly, instead, make check out to wife?
retirementlawyer :

yes, as long as the income is not going to you,

retirementlawyer :

spousal income does not reduce your own benefits, it would reduce hers if she applies.

Customer: Thanks so much, have tried multiple searches and even spoke to a local group of lawyers with no success. So, Thank you.
retirementlawyer :

good luck, and if you have any further questions please do not hesitate to ask.

retirementlawyer :

If satisfied please provide us with positive feedback, thank you

retirementlawyer and other Social Security Specialists are ready to help you