Questions tagged [social-security]

For questions relating to the US Social Security system, e.g. payments, benefits, FICA taxes, etc.

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Attributing SSDI backpay to previous tax years

I was recently approved for SSDI and will be receiving 8 years of backpay. If I count it as income this year, it will create a larger tax bill. However, it is my understanding that it is possible to ...
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-1 votes
2 answers
154 views

Pay 50% on benefits from US Social Security?

I am not sure if it is like what it sounds, which is scary: https://www.investopedia.com/ask/answers/013015/how-can-i-avoid-paying-taxes-my-social-security-income.asp From $25,000 to $34,000: You may ...
1 vote
1 answer
114 views

As a US citizen, can I continue to receive my social security benefits while visiting Sweden for an extended period?

I'm planning to visit Sweden for around 80 days as a tourist (I'm a US citizen), and I would like to know what the rules regarding receiving social security benefits are when you are away from the US ...
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2 votes
2 answers
90 views

Social Security (USA) increase early?

I always thought that everyone's social security increase happened like mine, in January. And in fact, that has always happened also for my wife. Several web pages confirm that as the case, except ...
  • 953
7 votes
1 answer
782 views

Can I pay social security taxes if I don't work?

Let's say I want to retire at the age of 55, but don't want to have a 0 calculated in the average (social security payment calculation) for each year from 55-67. Can I continue to pay in to social ...
0 votes
2 answers
74 views

Can F1 students in the US earn Social Security work credits?

Assume a typical F1 student in the US. No side gig, focusing on their PhD work, getting a stipend from their school and possibly doing summer internships using CPT. Can they earn Social Security work ...
3 votes
1 answer
299 views

US Social Security taxes while working for Canadian employer but living in third country

https://stackoverflow.blog/2021/02/19/podcast-314-how-do-digital-nomads-pay-their-taxes/ got me thinking, how would a United States citizen, living in Taiwan (which has no Social Security totalization ...
3 votes
3 answers
225 views

When the SSA decides how much you make for the year to determine whether you pay taxes on SS, does it count IRA contributions?

I'm over 62.5 years old and semi-retired. I have a part-time gig that pays about $23K per year. I'd like to pull the trigger on Social Security, but I make too much. (I have another small gig that ...
0 votes
1 answer
179 views

Do you get any social security credits if you put 100% of your income in a 401(k)?

Scenario: Your spouse is the primary earner You had a 1099 side-job earning $15k You put all $15k in a solo-401(k) plan Would you earn any social security credits in this situation?
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2 votes
3 answers
192 views

Estimating Social Security for one or two years of additional work

I was looking at Social Security web site and they have option to find out how much will be retirement benefits will I get in two scenarios: Below are two scenarios and numbers(slightly modified). If ...
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1 vote
2 answers
98 views

German PhD Student doing a Paid internship in USA for 3 Months. How to handle the taxes?

I am doing my PhD in Germany and get paid by the university. This autumn I am going to the USA (Massachusetts) for an internship at a software company. For those 3 months my salary from the university ...
0 votes
1 answer
241 views

Received a Letter from SSN Administration and Very Confused

I received a Form SSA-L5114 and it says "Based on information provided to us from Internal Revenue Service, we are reducing the amount of your self-employment income on your Social Security ...
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1 vote
0 answers
62 views

The Social Security Special Earnings Limit Rule---How Long is the Cap on Hours Worked in One's Own Business Truly in Effect?

I am under the impression that retirees who are collecting Social Security benefits and start a business are capped in the number of hours they can work between 15 and 45 hours per month if they have ...
0 votes
1 answer
78 views

Are financial trusts or cryptocurrency investments exempt from the SSI maximum resource limit?

As a recipient of SSI, I am not permitted to exceed a maximum resource limit of $2000. The SSA definition of "resources" is vague, but is basically liquid assets, including: bank accounts, ...
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0 votes
2 answers
56 views

Does the employer social security tax also apply on self-employment income for individuals with W2 income that exceeds the IRS maximum?

I have a question very similar to W2 and 1099 (self employed) income in same year: social security taxable income limit?, but goes a step further. The goal of my question is to estimate how much ...
2 votes
1 answer
143 views

How do I get the Social Security Administration to Issue a Corrected 1099?

When my father passed away the funeral home didn't notify the Social Security Administration. He received 2 direct deposits before we noticed. I had the bank send these back. We received a letter ...
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18 votes
2 answers
4k views

Should I delay taking social security

Hopefully this is a simple question but I know with Social Security it isn't so simple sometimes. If I delay taking Social Security until I'm 70, my benefit grows at 8% per year. But if I stop working,...
16 votes
2 answers
2k views

How does the last few years of wages affect Social Security amount in the US?

I have heard that our Social Security payment is largely dependent on our wages for the last few years we work but I have also heard that if you earn more money, it is not going to make your Social ...
-3 votes
2 answers
165 views

Is it some sort of gambling when we take out our Social Security in the US?

I found that it could be like this: If we take out our Social Security at the age of: 62 $2000 / month 70 $4000 / month and I calculated that it is assuming we live to age 78, then the ...
2 votes
1 answer
97 views

When does a self-employed tax payer have to make quarterly tax payment? (Safe harbor rule)

My question is about when does a self-employed tax payer have to make quarterly tax payments. I understand that there is a safe harbor rule that says if you owed less than $1000 in taxes then you do ...
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4 votes
2 answers
158 views

Correcting Social Security Administration's record of my income

I'm preparing for retirement and I created an account with the Social Security office. I checked my earnings record, and for four years in the late 80's, they show me earning $0. I was a graduate ...
0 votes
1 answer
101 views

Is it beneficial to take U.S. Social Security money later? [duplicate]

I noticed if I take money out starting age 60, at $N, or if at age 70, at $M. $M is close to double the amount of $N. Is it more advantageous if I take money out later? What life expectancy age do ...
1 vote
0 answers
119 views

I´m not a USA citizen, I use to had permit to work in USA, can i request to SS money back? [duplicate]

I´m not a USA citizen, I use to have a permit to work in the USA, I paid $10,605 in Social Security, and $2,682 in Medicare taxes, can I request this money back?
5 votes
0 answers
74 views

Social Security, expat, and small side business

I plan to retire soon. I am an American and I expect to get about half my retirement income from Social Security. I have not reached full retirement age. (I'll be 63.) I own a tiny side business that ...
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2 votes
2 answers
171 views

Financial outcomes for a US adult over 65 without medicare

My father is in his 70's. He was a self-employed professional who never put away any money for retirement. He is now living on a rural property that he owns, but his only monetary assets would be his ...
5 votes
3 answers
642 views

Do most people get more social security than they pay or vice versa

You pay social security your whole working life and then take it out after you retire. Do most people pay more into social security than what they eventually take out or other way around?
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5 votes
1 answer
87 views

Social Security vs SSI: cash gifts, free rent, etc. (USA)

I understand the social security administration may reduce SSI benefits if the recipient receives cash gifts, free rent, etc. What about normal social security benefits or retirement benefits? Are ...
3 votes
1 answer
761 views

When should I give my Social Insurance Number to a Credit Card Company (or anyone else for that matter)?

When applying for an American Express card, it asks me for my social insurance number (SIN) but it is optional. Should I give it? The site states We encourage providing your SIN for more accurate ...
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0 votes
1 answer
75 views

Does monthly social security income gets adjusted by monthly vested benefit

At age 65, I am eligible for a lifetime monthly vested benefit in the amount of a few hundred dollars from my former employer (a non-governmental firm). In the company's benefits handbook, this vested ...
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1 vote
1 answer
71 views

US Social Security survivor’s benefit—amount

Trying to help a widow plan for the future… According to “Survivors Benefit Amount” (as I understand), she should get 100% of her late husband’s benefits and lose her smaller amount. In a phone ...
  • 953
2 votes
1 answer
90 views

Confusing Rules for US Social Security

Scenario: In USA, a person is receiving $1900 monthly from Social Security. His parents receive a total of $1200 monthly. (These numbers are rounded from a particular family’s actual amounts.) The ...
  • 953
7 votes
1 answer
931 views

Foreigner making voluntary US social security contributions to get a pension

Years back, I worked in the USA and made 7 years (28 quarters) social security contributions. I wrote to them a few years back and they said that I could get a pension with a minimum of 40 quarters of ...
1 vote
1 answer
83 views

Total income between job and self-employment will exceed Social Security cap

This is similar to another question (here)... but I'm not sure if the answer is the same. I work in the oilfield and I mine cryptocurrency. Because of the current crypto bull cycle the income from ...
3 votes
1 answer
62 views

If I earn my 40th Social Security credit mid-year, is my Medicare Initial Enrolment Period when I earn the credit or when the credit is filed for?

I'm a doozy of an edge case. I'm above 65 and will become eligible for Medicare mid-year 2024, which is when I'll have earned my fortieth Social Security credit on Form 1040 Schedule C. (I won't have ...
8 votes
1 answer
535 views

Does Delaying Taking Social Security Have Adverse Effect on Size of Payment if Best Years More Than 20 Years Ago

This question concerns Social Security payment in USA. Looking on AARP website (https://www.aarp.org/retirement/social-security/benefits-calculator/), it seems your monthly benefits are calculated ...
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2 votes
1 answer
74 views

F1- OPT - Resident Alien - Social Security and Medicare taxes in the USA

Please don't confuse it with answer here. Mine is not a duplicate question. If I am on F1 (non-immigrant student) visa and doing my OPT (1st year not the STEM extension) or I am a full time student (...
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2 votes
0 answers
60 views

Past employer should have withheld FICA taxes—but did not do so. What do I do now? (J-1 Visa)

I am an Indian citizen who moved to the United States on a J-1 visa. I worked for one employer for just over two years before moving to another employer for whom I worked for one year. I am now ...
2 votes
1 answer
278 views

Can a Non-Working Spouse with Only Social Security Income Contribute to an IRA?

In the United States, if a man over 50 retires and has only Social Security income---yet his wife continues to work an earns income in excess of $14,000 can the couple still contribute $14,000 ($7,000 ...
2 votes
1 answer
82 views

US 2020 Schedule SE line 7 vs. married filing jointly

Maybe a simple question, but I haven't found an answer: Schedule SE says that for 2020, earnings over 137,700 aren't subject to social security tax. We file jointly; my spouse has self-employment ...
0 votes
0 answers
41 views

is it easier to rent a car with a secured credit card over a debit card?

I've been denied car rentals using debit cards in the past, even with thousands of dollars on the card. I'm going to Hawaii as well as Tennessee this year, and will need a car. Would my odds increase ...
4 votes
0 answers
125 views

What eventually happens when my Medicare premium is MORE than my Social Security benefit?

Most of my working life was not subject to Social Security taxes (yes, this can happen legitimately in the US), therefore my Social Security benefit is very modest. My Medicare premium is withheld ...
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2 votes
0 answers
31 views

Are FICA payments deducted from Canadian citizens working in the US transferable to Canada when they return?

I am a Canadian citizen who worked in the US (on a TN visa) for 8 years before I returned to Canada. FICA payments were deducted from my salary. I did not meet the threshold. Are these payments ...
4 votes
0 answers
59 views

With 40 credits, can I still be eligible to receive social security benefits at age 67 IF I LOSE MY permanent resident status?

I know there are similar questions here, but my case is a bit special so I ask this question. I have been working in the U.S. for 10 years and accumulated 40 social security credits. Now, I and my ...
4 votes
1 answer
96 views

Social Security and other liabilities for foreign employers of US citizens working remotely

I have the following situation: I am a US citizen employed (or about to be employed, depending whom you ask) outside the US in a country that is currently under lockdown. I've asked permission to work ...
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1 vote
1 answer
58 views

Tax ID/social security number After leaving USA

I am currently a Canadian working in the US. I have a working visa so I also have a social security/tax id. My question is when I leave the country in the future what happens to my social security ...
-1 votes
1 answer
477 views

My sugar daddy is threatening to get me in trouble because he has my ssn and all my personal information is this even possible if so what do I do [duplicate]

We exchanged phone numbers and all personal information and If I don’t give him what he wants he said he could get me in major trouble what do I do I can’t keep doing this? How do I know if this is ...
8 votes
2 answers
1k views

How is FICA calculated?

I'm thinking of taking on a contracting job next year, along with my current full time job, and I want to know how the two income streams would interact. When income reaches a certain level (~ $137k), ...
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1 vote
1 answer
67 views

UK pension schemes contribution limit and state pension

If I make 60K pounds a year in the UK, I can apparently contribute 48.5K of it to a pension scheme and not have to pay any tax for that year because there is a personal allowance of 12.5K. Is this ...
  • 1,044
0 votes
1 answer
76 views

U.K social security eligibility

In the USA one needs to have accumulated 40 credits in order to become eligible for social security. Does the UK have a similar credit system? What are the eligibility criteria for UK social security? ...
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2 votes
1 answer
83 views

Social security disability benefits

I read the following in my social security statement. "Disability — If you become disabled before full retirement age, you can receive disability benefits after six months if you have: — enough ...
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