My mother wants to start collecting Social Security at 62 and still continue her small business. How do Schedule C earnings affect her ability to receive Social Security?
Tax Professional Answers
If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2012, that limit is $14,640.
In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
Refer to these 2 websites for more information:
Meet Leading Tax Advisors
Federal Tax Credits & Incentives Practice Leader
New York, NY
CEO/Certified Financial Advisor
Rancho Santa Fe, CA
San Jose, CA
Long Beach/ Park City, CA