My husband and I are partners in a LLC co.  I will be 62 years old next year and plan to file for my social security.  I need to remove my name from the ownership of the llc, so that the income will not be charged to me.  I understand in GA, a withdrawal form is required.

– Theresa, Georgia

 

Answer

There are several factors that may impact the amount of retirement benefits.  Social Security benefits will not be reduced no matter how much you earn once you reach full retirement age. If you were born 1942 or earlier you can receive full Social Security benefits at age 65. If you were born between 1943 and 1960, full retirement age increases incrementally until the recipient reaches age 67. After attaining age 66, you can earn any amount & still collect full Social Security benefits.

As an example, if you file a joint return and both you and your spouse are past the full retirement age and a combined income of between $32,000 and $44,000 is reported, you may have to pay income tax on as much as 50% of your benefits. If your combined income is more than $44,000, as much as 85% of your benefits may be subject to income taxes.

To maximize after-tax income if you are a single individual (or head-of household) you would want to keep your earned and unearned income plus one-half of your Social Security benefit under $25,000 total. If you are married, you would want to keep the same resulting jointly computed figure under $32,000. This would keep any of your Social Security benefits from being taxable.

There is no requirement to list members and managers with the Georgia Secretary of State so there is no filing to change them.  The only filing you may have to do is if you are the registered agent and that change would be made with the annual registration.