Hoping someone can help me. Both my husband and I are self employed. We have rental units and we have a dairy farm. We live in NY.
My husband just turned 65 and has been told he does not have enough credits for medicare or SS. He is short 11 credits.
Because our rental units are on the same property as our farm and house we deduct a portion of our property taxes along with all the expenses of running both the farm and rentals.
Our total income for 2019 was approx $19,000.00 and because of that we owe little to nothing in taxes. Also there are normally no payments paid to Social Security or Medicare. SS tells me that you earn 1 credit for every $1360.00 you earn, so why not our earnings? I know when I filed our taxes for the past 20 years I have been asked if this income is exempt from Social Security, because of the farming. I always claim it is subject to the tax. Now I find out he never earned those credits.
So my husband can work for 4 more years, claim zero in expenses and pay taxes on that income to earn the credits needed. How can I be sure the credits get applied?
My husband just turned 65 and has been told he does not have enough credits for medicare or SS. He is short 11 credits.
Because our rental units are on the same property as our farm and house we deduct a portion of our property taxes along with all the expenses of running both the farm and rentals.
Our total income for 2019 was approx $19,000.00 and because of that we owe little to nothing in taxes. Also there are normally no payments paid to Social Security or Medicare. SS tells me that you earn 1 credit for every $1360.00 you earn, so why not our earnings? I know when I filed our taxes for the past 20 years I have been asked if this income is exempt from Social Security, because of the farming. I always claim it is subject to the tax. Now I find out he never earned those credits.
So my husband can work for 4 more years, claim zero in expenses and pay taxes on that income to earn the credits needed. How can I be sure the credits get applied?