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Old 02-08-2016, 02:36 PM
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Social Security credits Schedule SE

Hello,

I know you need 4 credits per year for social security, but how do I know how many credits do I have when I'm filing the return? I know it should be in Schedule SE, but which line?

Thank you for your help,

Steve



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Old 02-09-2016, 08:11 AM
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I know you need 4 credits per year for social security, =====>>>>>>>>>>>>>>>>>>correct;aslong you work and pay taxes, you earn Social Sec. credits.? In 2015, as you said, you earn 1credit for each $1,220 in earning up to a maximum of 4credits a year. The amount of money needed to earn one credit usually goes up every year.
You need 40 credits I mean, 10 years of work, to qualify for social benefits. Your Social Security benefits are based on your earnings over your entire working. If you don't have the 40 credits, you don't draw any retirement.


but how do I know how many credits do I have when I'm filing the return? I know it should be in Schedule SE, but which line?====>>>>>>>>>>>>>>>>.No I do not think so; The credits you earn remain on your Social Security record even if you change jobs or have no earnings for a while. to know , how many credits you have, you need to contact SSA for more info in detail. you can visit your local SSA center - if you have one close by - and they should be able to just give you the figure you seek



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Old 02-09-2016, 09:34 AM
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Social Security credits Schedule SE

Thank you so much for your response. You're right, you can have a maximum of 4 credits per year.
But I know there should be on Schedule SE (line 1, 2, 3 or 4) the amount you can use to figure out how many credits you have for that particular year.
Example for 2015, one credit is $1,260, SO 4 X $1,260 = $5,040 - where this amount should be, on which line from Schedule SE?

Thank you



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Old 02-09-2016, 12:08 PM
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Quote:
Originally Posted by suwen View Post
But I know there should be on Schedule SE (line 1, 2, 3 or 4) the amount you can use to figure out how many credits you have for that particular year.
Example for 2015, one credit is $1,260, SO 4 X $1,260 = $5,040 - where this amount should be, on which line from Schedule SE?

Thank you
basically as you know,If you work as an employee you must pay social security and Medicare taxes, fica taxes, in most cases. Your payments of these taxes contribute to your coverage under the U.S. social security system. Your employer deducts these taxes from each wage payment. As an employee you do not need to file sch se of 1040,

however,

are you a self employer?? as said,then,


You must have worked and paid Social Security
taxes for a certain length of time to get Social
Security benefits. The amount of time you need
to work depends on your date of birth, but no one
needs more than 10 years of work (40 credits).
In 2016, if your net earnings are $5,040 or
more, you earn the yearly maximum of four
credits?one credit for each $1,260 of earnings
during the year. If your net earnings are less than
$5,040, you still may earn credit by using the
optional method
you need to use all your earnings covered by Social
Security to figure your Social Security benefit,
so, report all earnings up to the maximum, as
required by law.



So sch SE of 1040 form is used by individual taxpayers who had net earnings from self-employment of $400 or more and who are likely to be liable to the IRS for self-employment tax called seca tax;sch SE has nothing to do with FICA soc sec tax/benefits;



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