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Ask Christopher B, Esq. Your Own Question
Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2677
Experience:  associate attorney
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I received benefits in 2015 at age 64 under my husbands

Customer Question

I received benefits in 2015 at age 64 under my husbands survivor benefits. I made 19000 under Schedule C. Over the 15,700 limit. Does the $6500 I contribute to my IRA lower my income for social security income limits? Also I had 3000 rental income and 1500 interest income.... is this part of my earned income for social security?
Submitted: 9 months ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 9 months ago.

My name is***** and I will be helping you with your question today . This is for informational purposes only and does not establish an attorney client relationship.

In general, the Social Security Administration defines “earned income” as “income from wages or net earnings from self-employment.” For example, earnings may include bonuses, commissions, and severance pay. Investment income, pensions, capital gains, and inheritances are not considered wages. Other types of payment made by an employer may be considered earnings under certain conditions.

The IRS contribution does not reduce your income for SSA income penalty purposes. The rental income and interest income will not count as well.

See link on the subject from ssa: https://www.ssa.gov/planners/retire/whileworking2.html

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Expert:  Christopher B, Esq. replied 9 months ago.

Just checking back in, do you have any further questions?