Social Security

Ask social security questions and get answers ASAP

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

My husband is 64 and 5 months. He earns about 9000.00 a year…

My husband is 64...

My husband is 64 and 5 months. He earns about 9000.00 a year and retained earnings from his S Corp of about 20,000 a year. I left my main job but do get a salary of 67,000 a year from working at his company. We want to start his social security as soon as possible as we need the income. His full retirement age is 66 and 2 months. Will we lose most of the money to taxes and penalty from social security if we start soon?

Show More
Show Less
Ask Your Own Social Security Question
Answered in 12 minutes by:
3/17/2018
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,141
Experience: Taxes, Immigration, Labor Relations
Verified

Several issues...

If your husband is 64 and 5 months - that means he was born in 1954 - and his FRA is 66

but if he was born in 1955 - then his FRA is 66 and 2 months as you stated.

.

You can get Social Security retirement benefits and work at the same time.

However, if you are younger than full retirement age and make more than the yearly earnings limit, the SSA will reduce your benefit.

If you are under FRA for the entire year, they will deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2018 that limit is $17,040.

.

In general - only earned income is considered - wages and self-employment income.

Distributions from S-corporation will not be considered self-employment income for the purposes of the retirement earnings test.

Following article provide some additional details

https://www.nolo.com/legal-encyclopedia/reduction-social-security-early-retirement-the-self-employed.html

Let me know if that helps.

I will followup if needed.

Ask Your Own Social Security Question
Customer reply replied 4 months ago
He was born in 1953
Customer reply replied 4 months ago
money will be deducted because we file jointly, is that correct?

So - his FRA is 66

If he starts his benefits NOW when he is 64 and 5 months - his benefits will be permanently reduced to 88.9% of his PIA - primary insurance amounts.

because he will be getting benefits for some additional months.

YOUR earning will NOT affect HIS social security benefits regardless how you file.

Ask Your Own Social Security Question
Customer reply replied 4 months ago
Oh, okay. Thank you!

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,141
Experience: Taxes, Immigration, Labor Relations
Verified
lev-tax and 87 other Social Security Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a social security expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask lev-tax Your Own Question
lev-tax
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,141
33,141 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

lev-tax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,467 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

4,582 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,071 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

3,283 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
My husband died in 2009. I will be 64 in June. My income in
My husband died in 2009. I will be 64 in June. My income in 2017 was $52,148. Can I collect death benefits? … read more
lev-tax
lev-tax
Tax Advisor
Bachelor's Degree Equivalent
33,141 satisfied customers
I am 64 and am drawing a SS check due to my husbands death.
I am 64 and am drawing a SS check due to my husbands death. He died in 11/17 and that is when I started. I still work but make only the allowed amount; however, I have been offered a job at a salary t… read more
lev-tax
lev-tax
Tax Advisor
Bachelor's Degree Equivalent
33,141 satisfied customers
I will be turning 66 in October 2018- I am still working and
I will be turning 66 in October 2018- I am still working and I have been divorced from my first husband and 2nd. I was married to my first husband for 11 years and I want to know how much of his socia… read more
lev-tax
lev-tax
Tax Advisor
Bachelor's Degree Equivalent
33,141 satisfied customers
WhR do you charge for your time and questions? I'm 64 and
I'm 64 and wondering if I should take my social security benefit … read more
lev-tax
lev-tax
Tax Advisor
Bachelor's Degree Equivalent
33,141 satisfied customers
I was born in September 1954 and my statement last year from
I was born in September 1954 and my statement last year from Social Security stated that at 66 I would receive roughly $2,736 per month. I was pushed out of my job last year and have been unable to se… read more
lev-tax
lev-tax
Tax Advisor
Bachelor's Degree Equivalent
33,141 satisfied customers
I am 61 years old and was received widowed. I work full time
I am 61 years old and was received widowed. I work full time in a very physical job. This is getting increasingly difficult. Can I draw on my husband's ssi and if not, why? … read more
lev-tax
lev-tax
Tax Advisor
Bachelor's Degree Equivalent
33,141 satisfied customers
I am a retired teacher. I'm thinking of teaching part time
I am a retired teacher. I'm thinking of teaching part time next fall. I will make a little bit more than I'm allowed. How exactly do I handle that? Also, will it affect the amount of SS I now receive.… read more
lev-tax
lev-tax
Tax Advisor
Bachelor's Degree Equivalent
33,141 satisfied customers
MY EX HUSBAND IS GETTING HIS SOC SECURITY NOW, WORKING,BUT
MY EX HUSBAND IS GETTING HIS SOC SECURITY NOW,I AM STILL WORKING,BUT CAN I COLLECT ON HIS, WE WERE MARRIED 18 YEARS … read more
lev-tax
lev-tax
Tax Advisor
Bachelor's Degree Equivalent
33,141 satisfied customers
What age can you receive social security and work full time?
What age can you receive social security and work full time? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I'm turning 65 soon. If I now claim my own social security
I'm turning 65 soon. If I now claim my own social security benefit based on my 15 years past work history (I would get about $1000 a month), instead of waiting until I'm 66, and later, when my husband… read more
PhillipsEsq.
PhillipsEsq.
Attorney
JD
822 satisfied customers
My wife turned 61 on 6/14/2015. She makes about 52000 per
My wife turned 61 on 6/14/2015. She makes about 52000 per year. We are having a grand child around Christmas and she wants to slowly retire to possible 3 days the first of the year and fully in 2 year… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
Question #1: I'll be 64 this November. If I start taking
Question #1: I'll be 64 this November. If I start taking social security this year, how much additional income can I earn in 2015, 2016 (when I'll turn 65 in November), and then again in 2017 (when I … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
My husband died at age 61 on Jan 4 2014. I started a social
My husband died at age 61 on Jan 4 2014. I started a social security benefit at age 62 I am 64. I received a social security disability lump sum back payment after he died.. My question is can I switc… read more
Shawn P Adamo
Shawn P Adamo
CEO
Bachelor's Degree
158 satisfied customers
My husband who turns 68 this year started drawing his social
My husband who turns 68 this year started drawing his social security when he turned 66 even though he is still working. I am 63 this year, and I am also still working. Since my husband earns substant… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
This is Hysen xxxxxx,ssn. XXXXXXXXX I applied for retirement
This is Hysen xxxxxx,ssn. XXXXXXXXX I applied for retirement and was approved to start on January,2013. I got $392,but now some friends with same siniority at same job ,got about $670,I WANT to know ,… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
I was terminated on August 1 due to organizational restructure.
I was terminated on August 1 due to organizational restructure. I am 64 years and 3 months...can you tell me what my social security amount drawn down starting January 2013 would be? At the age of 66 … read more
R. Klein, EA
R. Klein, EA
Accountant
Master's Degree
334 satisfied customers
I will turn 65 on November 4, 2012. Questions: How much
I will turn 65 on November 4, 2012. Questions: How much money can I earn if I begin to take my social security benefits at age 65 instead of 66? Situation Analysis: I currently work full-time for a no… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
4,582 satisfied customers
I was 62 when I started collecting social security disability.
I was 62 when I started collecting social security disability. I was divorced two years and started collecting on my ex spouses social security at about age 63 and he is still working and was 62 when … read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x