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 Carol Thomas has recently retired from the Social Security Administration after 28 years service. If you have any questions about Social Security, please ask. We will use the questions you send for future posts. I will never post anyone's name, or other identifiable information.
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| Social Security Points |
Date Add : 09-24-2009
| Views : 56
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I am 64, unemployed and have 39 of the required 40 credits of work.
I am sole trustee and sole beneficiary of a trust that permits me to charge a trustee fee (which I have not been doing).
How much in trustee fees would I have to pay myself from the trust this year in order to earn the extra 1 credit to get me to the 40?
Support Replied ~ 07-28-2009 18:06:43
Dear F.W.:
I think you are talking about having a net gain-self employment situation. You need to have at least $1090 on Line 4 of the schedule SE. That means you would have to pay fica tax of at least $1090 to get one quarter of credit. If you need to ask more questions, call me at 727-386-5104. Thanks for your contribution....Carol
Your Comment ~ 07-29-2009 09:04:17
Thank you for helping me figure this out (I'm almost there).
I'm unclear as to what "one quarter of credit means."
Do you mean that paying a fica tax of at least $1090 per quarter will earn one-quarter of the one full credit I need to reach 40 credits (i.e. I would have to pay fica tax of $4,360 total for a year to earn the additional one credit I need)?
My Your Social Security Statement says, "...you earn one credit for each $1,050 of wages or self-employment income."
To me, that says that if I pay myself $1,050 in trustee fees this year, I will have the 40 points needed when I reach 65 next year.
Is this accurate?
Thanks, again.
Support Replied ~ 07-29-2009 14:51:16
Dear F.W.:
You only have to earn $1050 to earn that one quarter. You do not have to claim for four quarters to get one. Like I said, make sure that line 4 of the schedule SE shows the net gain. SS goes by net gain or w2......Carol
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DISCLAIMER -
You should consult with your local Social Security Office before acting upon any information received as a response to your question on "Social Security Advisor".
"Social Security Advisor" is intended to provide accurate and authoritative information with regard to the subject matter covered. It is offered with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, investment or other professional advice or services.
Information obtained from RetirementCommunity.com, including e-mail responses from "Social Security Advisor" should be considered as general educational information. You must never rely upon the advice given here. Your individual situation may not fit the generalizations discussed. Only your local Social Security office can evaluate your individual situation and give you advice.
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