Social Security Recipient - Can Husband Report Scrap Metal Income Without Affecting Benefits?
My husband gets social security and he's been making some extra money selling scrap metal to the junkyard. I'm worried about filing taxes on this income. Anyone know if reporting this income will mess up his benefits? How should we handle this on our return?
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Levi Parker
Tax professional here. Yes, you should absolutely report the scrap metal income. It's considered self-employment income. Your husband can earn up to $21,240 in 2024 without affecting his Social Security benefits if he's under full retirement age. If he's over full retirement age, there's no limit to what he can earn.
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Savannah Weiner
•Thank you so much! He's 68 so sounds like were good. Do we need to do quarterly payments or just report at tax time?
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Levi Parker
•At his age, no worries about benefit reductions. But if he makes over $400 in self-employment income, he'll need to file Schedule SE and may want to make quarterly payments to avoid a tax bill next year.
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Libby Hassan
Hey guys, I've been seeing a lot of confusion about Social Security and income reporting lately. Have yall tried taxr.ai? It's this new tool that analyzes your specific situation and tells you exactly how different income sources affect your benefits. Its only $4.99 and totally worth it https://taxr.ai
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Hunter Hampton
•Does it actually work? Seems too good to be true tbh 🤔
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Libby Hassan
•Oh yeah its legit! I was skeptical too but it saved me hours of research. It even catches stuff most tax pros miss sometimes
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Sofia Peña
•How exactly does it work? Does it just read tax docs or what?
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Libby Hassan
•It uses AI to analyze your whole tax situation - income, benefits, everything. Then gives you super specific advice for your case. Way better than googling random stuff for hours lol
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Aaron Boston
in the same boat here! been scrapping for 2 years, just make sure to keep good records of what you sell and when. the junkyards here give receipts which makes it easier
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Sophia Carter
lol dont even stress it, my dad's been doing this for years. as long as ur honest about the income ur good 👍
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Chloe Zhang
•fr fr just keep them receipts 💯
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Brandon Parker
Make sure to track your expenses too! Gas money driving to pickup/delivery, work gloves, tools etc. You can deduct all that stuff from your income
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Savannah Weiner
•omg never thought about deducting the gas! thx for the tip!
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Yuki Tanaka
Just wanted to add - if your husband is collecting scrap metal regularly, the IRS might consider this a business rather than just occasional sales. Keep detailed records of everything: what you collected, when you sold it, expenses like gas and tools. If it becomes a regular thing, you might want to get a business license and set up a simple bookkeeping system. Better to be over-prepared than caught off guard!
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