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Soc. Security Notes
Recently a small farm operator, let’s call him Harold Tiller, met with the social security representative, as he would soon be 62. Mr. Tiller brought a copy of his most recent Federal Income Tax Return along with evidence of his date of birth.
In discussing Mr. Tiller’s tax return with him, the social security representative pointed out how important il*>was for a farmer to file his tax returns if he had net income of at least $400 or a gross of at least $600 in order to obtain credit under social security. It was pointed out that everyone needs a certain number of quarters of coverage under social security in order to be insured for monthly benefits on reaching refinement age. Mr. Tiller needed a little over five years of credit.
A farmer or any other self-employed person receives social security credit by having at least $400 net income from self-employment; or, in the case of a farmer only, has a gross income of over $600 and files using the optional method. In order to receive credit, a tax return must be filed. The self-employed person receives four quarters of coverage under social security for each year he has sufficient income to receive credit.
Fortunately, Mr. Tiller had more than enough credit to begin drawing social security when he was old enough. Had Mr. Tiller failed to file his returns, generally he could have filed and received credit for only the past three years. This would mean he would have to wait until he had three
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