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Social Security and S-Corporation

I have a business that is classified with IRS as an S-Corp. Am I able to retire and receive social security benefits while keeping my business ? Please provide resources or consultants that may be able to advise so I won't need to close my business 

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@HelenF552968 

As an S-Corp owner (shareholder) your income comes via a pass-through to your personal taxes - under this structure, the income is not earned as an employee - so most likely you did NOT pay into the Social Security system unless you also claimed some income for yourself as an employee of the company and paid the necessary withholding and company matched Social Security & Medicare taxes - year in and year out.

 

If you didn't pay into the Social Security system during your working career - then you get NO benefit for retirement under your own work record.

 

Set up a my Social Security account and review your record.

Social Security: mySocialSecurity Account Setup 

Maybe you paid into the system before this S-Corp structure was set up for your business - perhaps as a sole-proprietor.  See what's on your SS file as to your contributions, how long and when.

 

Surely a CPA/tax professional consulted with you on how this works under this type of business structure - check with the one that you are using now.  Hopefully, you also set up some other forms of retirement savings - Traditional IRA / ROTH IRA , etc., if you and your employer (you again) weren't paying taxes into the Social Security system.

 

As to keeping your business going  - why not as long as it is making money.  

 

It's Always Something . . . . Roseanna Roseannadanna
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