The best way to calculate benefits now and if income were to increase is to set up an account with the Social Security Administration, linked here.
- Once you have an account set up, the site will provide information on where you stand with credits earned to date, benefits available if taken early or later, along with a benefit calculator to run various scenarios; Example: IF my income increased to $XXXX, the benefit would be… and so forth. If married filing jointly, we suggest both the Taxpayer and Spouse set an account as Social Security is based on address.
- During tax time, we will need the Social Security Form 1099-SSA for reporting purposes.
