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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Could My Benefits Be Affected If I Form An LLC?
I receive SS death benefits from my late husband, im interested in creating a LLC, but dont know if it could effect my benefits on the tax end
I wont be taking a salary yet
Hi,
It's difficult to answer your question without more information. First of all, if you are at least age 66 your Social Security benefits would not be subject to withholding regardless of the amount of your work and earnings. But if you will be under age 66 for all of 2018, then you would lose $1 of benefits for each $2 that you earn in excess of $17,040 (https://www.ssa.gov/planners/retire/whileworking2.html). The countable amount of your earnings would be any combination of gross wages and/or net earnings from self-employment. The act of creating a limited liability corporation (LLC) wouldn't in itself have any bearing on your benefits, though.
Best, Jerry
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Posted:
January 24, 2018