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dylatess, ATTORNEY
Category: Social Security
Satisfied Customers: 3427
Experience:  37 plus years of SSD practice
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I own a company. Can I shift the income to my wife when I am

Customer Question

I own a company. Can I shift the income to my wife when I am 62 and not have my monthly benefits penalized.
Submitted: 12 months ago.
Category: Social Security
Expert:  Arthur Rubin replied 12 months ago.

Thank you for using Just Answers, but almost certainly not....

BY "I own a company", I presume you mean you are running a business as a sole proprietorship. If not, you'll have to explain how owning the company affects your social security benefits.

You may pay your wife a salary from the company, which will shift some income, but the salary must be reasonable and for actual work. The IRS is used to fake income-shifting.