Ask Rusty – Will Paying the IRS Quarterly Increase My Social Security?
Dear Rusty: I waited to sign up for Social Security until I turned 70 last month so I would qualify for the maximum benefit. I have been the pastor of a small church for the last 15 years & they didn’t take out deductions, so I paid in quarterly at the advice of my accountant so I would have an amount built up when the time came for me to sign up for Social Security. I received my first SS payment in March for $1757.00 after Medicare was deducted. I have been told that once you turned 70 you get the maximum SS benefit, but my accountant thought that I can still pay in quarterly to boost that $1757. I don’t want to pay in anymore if it’s not going to increase my amount (other than cost of living increases), so what do I tell my accountant? He’s waiting to hear from me before he completes my income tax return. Signed: Inquisitive Pastor
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