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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10105
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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How many Social Security credits would I get $488 in 1970? I

Customer Question

How many Social Security credits would I get for earning $488 in 1970? I do not understand the rules for earning credits prior to 1978
Submitted: 5 months ago.
Category: Social Security
Expert:  Lane replied 5 months ago.

Hi,

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For years before 1978, an individual generally was credited with a quarter of coverage for each quarter in which wages of $50 or more were paid,

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or an individual was credited with 4 quarters of coverage for every taxable year in which $400 or more of self-employment income was earned.

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Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

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...

Thank you!

Lane

I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

Expert:  Lane replied 5 months ago.

Just to make sure i'm being clear, if you earned at least $50 on each of the 4 quarters you qould ave received 4 quarters of coverage (what some call credits)

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If you were self-employed, then regardless of when during the year you earned the money, if you had over $400 of self-employment income for the year, yoyu would ALSO have earned four quarters (again, colloquially called "credits.")

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let me know if you have questions

..

lane

Expert:  Lane replied 5 months ago.

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

JustAnswer will not credit me for the work unless you do.