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I just typed the beginning of my question Do you have it

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Colorado

Accountant's Assistant: What steps have you taken so far?

Let;s start again I am 88 years old and five years ago I assumed control of my great grand daughter, Herr father contributed to my rent payment but did not declare head of household or declare her a dependent Is this income to me and can I pay Soc ,.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Sec taxes which should increase my monthly benefit

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Answered in 18 hours by:
6/23/2018
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,458
Experience: Former IRS Revenue Agent
Verified

Welcome. I am reviewing your question and will respond soon. Fiona Chen, CPA, MPA, Ph.D., ABV, CFF, CITP, IMTA, Former IRS Revenue Agent

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Dear Customer,

Please repeat this part of your question and clarify, the last sentence, "Can I pay Soc Sec taxes which should increase my monthly benefit".

This question is not clear here.

Thank you.

Regards,

Fiona

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Customer reply replied 1 month ago
If my rent income is comsider as earnings then i would have to report it to the IRS correct?? There for i should be paying taxes including Soc Sec. If so this would increase my contribution to my pensioN. Calculation although at 88 yrs young i would not be paying any tax. I look forward to your response. I did receive $9,000 for three years. Michael

Dear Customer,

1) The money your grand son in law helped with cost to raise his child is a sort of helping with the living expenses. It is really not rental income you obtained by renting a room to your great grand daughter.

2) Even if you receive any rental income, with rental expenses such as rent you have to pay out, utilities, etc., you probably have 0 net rental income and don't have to pay income tax on the rent received.

3) Even if there is net rental income, the taxpayer only needs to pay income tax and not social security tax. Social security tax is on earned wage income or earned self employment income.

4) Pension payment is determined by your earnings under your employer before you retired, which should not be affected by the income tax or social security tax you are paying now.

5) Social security retirement income is calculated and based on the highest 35 years of our earnings with our wages or self employment income. If you have earnings with social security tax paid in now which can be higher than the previous highest 35 years and replace any of those years, yes, it will increase your social security retirement income.

6) However, the situation described here will not be one that can replace your highest 35 years for your current calculation of social security retirement for the reasons explained above.

Please feel free to follow up.

Regards,

Fiona

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Customer reply replied 1 month ago
Thank you so much for your answer. I thpught any payment of soc sec taxes would increase my monthly check. Best Regards. Michael

Dear Customer,

You are welcome.

Please take a moment to rate my answer for me to get credit for the work. A five star rating would be appreciated.

Thank you.

Regards,

Fiona

Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,458
Experience: Former IRS Revenue Agent
Verified
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