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retirementlawyer
retirementlawyer, Tax Attorney
Category: Social Security
Satisfied Customers: 15874
Experience:  13 years experience in social security
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What would you recommend we do?

Resolved Question:

What would you recommend we do?
Submitted: 10 months ago.
Category: Social Security
Expert:  retirementlawyer replied 10 months ago.

retirementlawyer :

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

retirementlawyer :

you can either create a LLC and have the money go into the corporation, or have any business income go to your spouse,

retirementlawyer :

you can also give yourself a salary limiting it to the earnings threshold and send the rest to your spouse.

Customer: Would you recommend that be in wages or non passive income?
retirementlawyer :

either one,

retirementlawyer :

as long as you are not over the earnings penalty

retirementlawyer :

consider changing ownership now,

retirementlawyer :

so there is no issue later with the social security office stating you made the change to avoid the penalty,

retirementlawyer :

It would be best to wait till age 66, as you will not have any penalty,

retirementlawyer :

taking at age 62, creates a permanent 35% early penalty

Customer: I'm the spouse, and I'm kinda confused on it all. My husband retire from mill in 2001, he gets pension and he takes paycheck from business in the amount of 12,500. He then, transfers 4000 into our personal account for the house expenses. Our accountant puts that 4000 under non passive income. We also have a 13 yr old son, who would be eligible to collect.
retirementlawyer :

is this monthly?

Customer: 4000 monthly yes
retirementlawyer :

that is a large amount of money,

Customer: 12500 is his w2
retirementlawyer :

I do not see why he needs to take social security early,

retirementlawyer :

but if that is what he wants to do,

retirementlawyer :

consider having income from the business not go to him directly, as he would face an earnings penalty,

retirementlawyer :

if the business income can go to your name or your son, that is better,

Customer: Ok,I get it. Thanks again, just confusing. I thought social security would only be interested in W2
retirementlawyer :

and business income,

retirementlawyer :

pension income is not looked at

retirementlawyer :

if you have any further questions please do not hesitate to ask.

retirementlawyer :

If satisfied with our service please provide us with positive feedback, good luck

Customer: Thank you
retirementlawyer :

anytime

retirementlawyer :

good luck

retirementlawyer, Tax Attorney
Category: Social Security
Satisfied Customers: 15874
Experience: 13 years experience in social security
retirementlawyer and other Social Security Specialists are ready to help you

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