My wife has a full time job and receives a W2. She is 100% owner of an S.corporation in which I do most of the work. In previous years I have filed a 1099 misc and she has received pass through income via K1. I paid self employment taxes based on my 1099 earnings.
I am 67 and do not plan to collect social security until I'm 70. Can I work "free in the corporation" and pass through all the profit to my wife on the K1? We file jointly.
John, The person to ask is YOUR accountant.
Yes you can work FREE in the corp.
I would think that you want to keep paying social security until you start collecting, but again
that is also a great question to ask Your accountant.
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