Turning 62 this year!!

[millclar]

I turn 62 this year, December 29th, to be exact and I have been mostly unemployed this past year. I do have a small web design internet marketing company that I hope to get going in the coming year. All the information on this site has been very helpful.

Here is a tough question however. I have a small charitable trust that I receive every quarter. The amount I receive each year is based on how much the trust earns the previous year, and I receive a K-1 form to file with my taxes. The amount I receive in 2008 is about $675 quarterly or a little over $2,500 for the year. Would this amount be considered income and charged against my income limit?

Millard in Georgia

[OAG]

$13,560 is the limit for 2008 (and should increase considerably (due to larger CPI) for 2009). That is the limit you can earn before giving up a $1 for every $2 earned above that amount if you are under the full retirement age (66 and up). Your K-1 income would count towards that limit. Having said that you should contact the SSA (or search their Web site for solid information).

BTW welcome as I see this is your first post here.

[millclar]

Yes, my first post. Looking forward to benefiting from getting old.