I am new here and need a little info. I am retired and old enough (64) to collect social security. However, I have not done so, because I fear the SS folks may take issue with my situation. My wife has a small business that is an S-Corp. She draws a salary of approx $12K, but we also receive a dividend distribution of $10K that shows-up on our joint income tax 1040 form. The dividend distribution is taxed as income, but not salary. My problem is that I take no compensation from the S-Corp. I am listed as the Vice-President, but really don't do any work other than to help her out for a few minutes on occasion. I retired from my full-time job last year and work part-time now earning below the Income threshold of $14,200 to collect social security. So my concern is that if the Social security folks see the dividend distribution income on our taxes, they may feel that I should have been drawing a salary over the previous years and even now. I could start drawing a small salary now (maybe about $5K), but that would likely raise some flags also. We could really use the retirement income from Social Security, but I am afraid to apply. If I wait till I am 67, it is no longer an issue, but I could use the money now. I am foregoing income that we could really use. Any suggestions
? Help needed in Ohio!
Thanks so much!