Questions tagged [social-security]

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

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FICA refund on H1B as a non-resident while performing work outside the US

My question is similar to the one here and concerns my 2022 US tax return: Federal income tax as nonresident alien working outside of USA remotely for US employer For 2022, I filed as a non-resident (...
user467597's user avatar
9 votes
5 answers
3k views

Are there any "strategies" for Social Security besides the obvious decision as to when to take it?

I am of the age that I am constantly receiving mailings for local and web based retirement seminars, many touting "strategies" for withdrawing Social Security entitlements. This word, (in ...
Michael Hall's user avatar
1 vote
1 answer
197 views

Who will the Social Security Administration be mailing out a 1099 to for my deceased mother?

My mother died in June of 2023. She was collecting Social Security at the time. I am the executor of her estate. However, I have not officially notified the Social Security administration of that. ...
Bob's user avatar
  • 1,773
1 vote
1 answer
107 views

Why do US Social Security benefit estimate increases vary so much from year to year?

Although not yet old enough to receive US Social Security benefits I do look at the SSA statements each year. In each statement they provide an estimate of how much I will receive if I choose to start ...
rlandster's user avatar
  • 463
2 votes
1 answer
127 views

Determining eligibility for Social Security, without my own records

Thanks in part to this site, I have a pretty good idea of what calculations the Social Security Administration will make (quarters of coverage and all that) when determining whether I'm eligible for ...
Greg Martin's user avatar
3 votes
1 answer
516 views

Deferring Tax on Social Security payments

Recently, I went to a free seminar (sales pitch) on retirement income. The speaker claimed that he has a method where you can defer the income tax on your Social Security payments to age 85. However, ...
Bob's user avatar
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12 votes
1 answer
3k views

If you are not eligible for social security by 70, can you continue to work to become eligible after 70?

If you start working in the US late in life and don't have 40 credits by the time you turn 70, can you still become eligible for social security if you continue working past 70? Various sources say ...
noravanq's user avatar
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0 votes
1 answer
109 views

In the US, what if the wages exceeded the maximum amount of contribution to FICA, does it affect the 35 years highest wages rule?

In one sentence: if my wage if $350k per year vs $200k per year, does that affect what monthly social security benefit, because they maxed out the contribution in the same way. I saw from ChatGPT and ...
Stefanie Gauss's user avatar
-8 votes
3 answers
1k views

I don't want Social Security Benefits, how do I not pay it's taxes?

Very simple: I don't want any Social Security Benefits, I don't want the taxes or the benefits, and am aware of the risks. For 2023 the max taxable income for Social Security Tax is $160k and 12.4% of ...
ImpressiveVeryNice's user avatar
0 votes
1 answer
303 views

For the US, how to calculate the Social Security benefits if I stop working at 60 or 62 but claim benefits at 70?

As related to this question and the calculator at ssa.gov, they tend to say: stop working at 62 and start claiming benefits at 62, or stop working at 70 and start claiming benefits at 70. However, ...
Stefanie Gauss's user avatar
2 votes
2 answers
984 views

Do retirees need to pay social security and medicare after retirement?

Once you have retired, assuming you are only living off a government pension and 401k, 457 and IRA savings do you still have to pay social security taxes and medicare taxes? I usually see these taxes ...
Sidharth Ghoshal's user avatar
0 votes
0 answers
48 views

Is using IRA, Roth IRA, and 401k money between the age of 62 to 70 in general a better choice than claiming social security? [duplicate]

My thinking this: if I don't use IRA, Roth IRA, or 401k money between the age of 62 and 70, but just let it grow, then let's say, if it was $500k at age 62, then if I am lucky to get 10% return per ...
Stefanie Gauss's user avatar
3 votes
1 answer
2k views

Reporting taxes withheld from social security check on 1040. Do I need to attach SSA-1099? They only send one copy and it says do not return to irs

I have a question about reporting taxes withheld from my social security check. At present, I have 10% deducted for federal tax. Do I need to attach SSA-1099 to form 1040 like I do with 1099-R? They ...
David's user avatar
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7 votes
6 answers
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Would it be in general a best practice to use other retirement fund and wait till 67 to get Social Security in the US?

Using the Social Security Calculator, I found the following: If I work for 25 years at $200k per year (for simplicity), and wait till 62 to retire, my monthly benefit is $2200. ($2200 is today's ...
Stefanie Gauss's user avatar
2 votes
4 answers
7k views

If I have worked 20, 25 years or every single year in the US, then at age 62 or 67, what social security can I get each month?

I will only have worked for about 20 years between the age of 23 and 62, and I checked the social security website, and it says: Retire at age 62: monthly benefit is about $1860 Retire at age 67: ...
Stefanie Gauss's user avatar
6 votes
1 answer
791 views

Underreporting expenses to get social security credits

My wife has a hobby that brings her some income and that's her only income. The money she gets from it usually is spent on buying more tools for that hobby or for materials. Most of the time those ...
n0rd's user avatar
  • 185
13 votes
1 answer
2k views

Employer Side Social Security Overpayment

I had two W2s last year. I overpaid by about $2,000 because the second W2 didn't take into account the first W2. I am an employee with the first company and an employee + owner at the second company (...
Lloyd Banks's user avatar
2 votes
1 answer
82 views

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 ...
Brian's user avatar
  • 123
-1 votes
2 answers
177 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 ...
Stefanie Gauss's user avatar
1 vote
1 answer
227 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 ...
Newbyte's user avatar
  • 113
2 votes
2 answers
98 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 ...
WGroleau's user avatar
  • 1,031
7 votes
1 answer
943 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 ...
Ken - Enough about Monica's user avatar
0 votes
2 answers
504 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 ...
Franck Dernoncourt's user avatar
4 votes
1 answer
314 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 ...
Dan Jacobson's user avatar
3 votes
3 answers
727 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 ...
B. Goddard's user avatar
1 vote
1 answer
200 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?
Philip's user avatar
  • 910
2 votes
3 answers
253 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 ...
puzzled's user avatar
  • 1,016
1 vote
2 answers
206 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 ...
scleronomic's user avatar
1 vote
1 answer
579 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 ...
Mary Doe's user avatar
  • 759
2 votes
0 answers
70 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 ...
DDS's user avatar
  • 201
1 vote
1 answer
94 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, ...
David's user avatar
  • 11
1 vote
2 answers
176 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 ...
MrHappyAsthma's user avatar
2 votes
1 answer
315 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 ...
Mattman944's user avatar
  • 1,718
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,...
Paul Cezanne's user avatar
16 votes
2 answers
4k 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 ...
Stefanie Gauss's user avatar
-3 votes
2 answers
180 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 ...
Stefanie Gauss's user avatar
4 votes
1 answer
159 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 ...
Bob's user avatar
  • 1,773
4 votes
2 answers
169 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 ...
B. Goddard's user avatar
0 votes
1 answer
104 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 ...
Stefanie Gauss's user avatar
1 vote
0 answers
202 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?
Sergio del Bosque's user avatar
5 votes
0 answers
81 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 ...
Jay's user avatar
  • 22.7k
2 votes
2 answers
176 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 ...
user112214's user avatar
5 votes
3 answers
2k 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?
Lightsout's user avatar
  • 2,041
5 votes
1 answer
167 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 ...
Andrew Jordane's user avatar
3 votes
1 answer
1k 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 ...
Latchar3's user avatar
  • 264
0 votes
1 answer
77 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 ...
Anthony's user avatar
  • 87
2 votes
1 answer
80 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 ...
WGroleau's user avatar
  • 1,031
2 votes
1 answer
93 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 ...
WGroleau's user avatar
  • 1,031
7 votes
1 answer
1k 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 ...
Mawg's user avatar
  • 405
1 vote
1 answer
86 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 ...
Nolan Robidoux's user avatar

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