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I will turn 64 next month. I don’t support myself with my artwork but love doing it. I would be thrilled to make $1410/mo off my art glass.
just look at the hours requirement. it is not only the income for what you want to do .
they have different rules for those not on w2 and earning money through hobby and self employment . many self employed play games with their draw so they stay under the income cap so they have some other requirements as to judging if you should get a check.
just look at the hours requirement. it is not only the income for what you want to do .
they have different rules for those not on w2 and earning money through hobby and self employment . many self employed play games with their draw so they stay under the income cap so they have some other requirements as to judging if you should get a check.
That was mainly what I was worried about. Those non-income type subjective criteria. How do they even prove you went over the time limit if you are a LLC and don’t pay yourself by the hour. And by “type of work” what the hall is that?
well you need to keep a time log of hours and what you did with those hours .
like anything in taxes if you get audited , it has to make sense .
baking 15 pies a day as an example and selling them and claiming you only worked 2 hours is a red flag . so the work vs hours has to at least be logical .
From what I read a while back you are allowed to make $16.800(2017) if employed while collecting SS. Anything over that you give back $1 for every $2 you make over that limit.
except that only pertains to being paid on a w2 . not hobby or self employed income . it also so does not apply to the first year you are collecting where it is a monthly cap of 1410 per month ,only if on a w2 . not until the next tax year is the limit applied and you lose 1 dollar for every 2 .
first year has no earnings cap . it just has a 1410 limit per month for every month after you collect . they apparently take the checks back if you for every month you go over 1410.00 first year .
starting in january i go to the yearly cap and one dollar back for every 2 over . 2017 got me with the special first year rules .
i got burned because of the special first year rules .
Last edited by mathjak107; 12-25-2017 at 09:59 AM..
I will turn 64 next month. I don’t support myself with my artwork but love doing it. I would be thrilled to make $1410/mo off my art glass.
Then I'd either wait to FRA or put the glass hobby away til you reach FRA.
Even if you do what i suggested and put yourself on a payroll, they may catch you on it since you don't pay yourself a payroll paycheck now.
If you really need the money from your glass art, you need to log hours and income/ex the limit openses
If you don't need the MONEY, I'd hold off until you reach FRA, then resume the hobby.
If you'd be hard pressed to get up as high as the $1450 or whatever it is I'd say it's not worthy. Just watch thise hours spent.
I commend you for trying to do what is right, not what is way.
Go to the SS website. You needn't sign in the site to gather information.
It'll tell you more than we can.
I cited my example, but I collect SSDI, a little different.
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