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I receive a k1 how can I use this income to increase

Customer Question
earnings for social security?...
I receive a k1 how can I use this income to increase earnings for social security?
Submitted: 7 months ago.Category: Social Security
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Answered in 15 minutes by:
11/25/2017
Social Security Expert: Carter McBride, CPA replied 7 months ago
Carter McBride
Category: Social Security
Satisfied Customers: 1,276
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and a tax attorney. Hopefully I can help you out with this then.

The K-1 will be reported on your taxes when you file them. If the K-1 has self-employment income, then that will trigger you paying self-employment tax, which gets reported to Social Security and increases your earnings for Social Security. If the K-1 is from a partnership, then self-employment income is on Line 14. If it is from an S Corporation, then there is no self-employment income. What you would need to do is pay yourself a wage and get a W-2 from the S Corporation in order for the income to count for Social Security.

Hope that helps!

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Social Security Expert: Carter McBride, CPA replied 7 months ago

Just wanted to circle back and check if you had any other questions. If your question has been answered, please leave a rating! Thanks.

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