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ShawnA
ShawnA, SS Expert, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS , Decades of experience helping clients..
Category: Social Security
Satisfied Customers: 2884
Experience:  SS Expert, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience helping clients..
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I am considered a high income earner. I have always filed

Customer Question

I am considered a high income earner.
I have always filed federal income taxes jointly.
my understanding was that it would cover my wife and I????????
Submitted: 1 year ago.
Category: Social Security
Expert:  ShawnA replied 1 year ago.
Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.
I hate to be the bearer of bad news. Federal taxation and SS benefits are like day and night.
SS takes what is given from the IRS ACCORING TO SS NUMBERS.
Despite joint income of 500,000 if it's all yours she gets zero credit. She can get spousal benefits (up to 1/2 of your) but conditions apply.
I just had an 87 year old woman lose 25,000 because she did not understand the SS rules .
There is also a windfall provision that will effect her (forever).
What also makes it worse (sharing bad news) is that sometimes people get so angry they react emotionally and rate my service as bad.
The reality is that the answer to your question is very straightforward.
I wish I was able to supply a different answer, one along the lines you were probably hoping for but the facts are the facts.
Federal taxation and SS benefits are like day and night.
Expert:  ShawnA replied 1 year ago.
There are no do overs with SS. It is critical you actually understand the rules ahead of time.
I will offer you a call to discuss this because I think this is the easiest way to help you. I prefer a call. Often information from a call changes the original answer (based on the limited information supplied in the original question).
Additional information normally comes out in a call and I am better able to give an exact answer that applies to YOUR situation.
We will speak as long as necessary to resolve your issue. This is the minimum JA allows for additional services ($5-$500).
All you need do is accept the offer ($5) and I'll be able to share my number with you in a private screen.
I am available now.