I am writing here to ask for help in having someone explain why am I not getting the ?Credit of Work? towards my SSI retirement qualification.
I am married, and we file jointly. My wife has a regular W2 job. I am self-employed (a free-lance musician), and file a Schedule C for myself. Almost all of my income is via the 1099 and I don?t get any W2?s. My only other income (or loss) is via the stock market.
As an example, in 2015 my Form 1040 Line 12 (Business Income/Loss) had a total of +4,069 and my Line 13 (Capital Gains/Loss) had +27,909. My self-Employment Tax (Line 57) is $575. For the 2015 year, SSI Statement shows me achieving $3,757 in both Taxed SSI and Medicare Earnings.
But in 2016, where my Form 1040 Line 12 (Business Income/Loss) had a total of +109 and my Line 13 (Capital Gains/Loss) had +34,712. My self-Employment Tax (Line 57) is 0. For the 2016 year, SSI Statement shows me achieving $0 in both Taxed SSI and Medicare Earnings.
If you put together my capital gains + business income, I made more money in 2016 than in 2015. So why not get any credit at all for SSI/Medicare?
I am 47 and as of right now, I only have only retirement 17 credits. I?ve read all I can find on this, and realize that one can only earn a maximum of 4 credits per calendar year. But I am still puzzled as to why for 2016 I have earning nothing.
All input is much appreciated as I am very puzzled by all this...
- posted 2 years ago