Whose name to put the royalty check in if one of us (a married couple) is signing up to get social security?

Question

Has anyone any knowledge that can help us make a decision? We inheirited a small interest in a well and they want a social security number. We don't want to do anything we might regret. We are raising grandchildren and need every penny we can get. If my 63 year old husband who has just signed up to get his social security puts the royalty income on his social security number, will he get less money than if he puts the check on my social security number? We know we will have to report and pay taxes on the income but don't want this income to be reported as his -- that is, if it makes him get less social security. Thanks for your help on this.

Answer 1

I am sorry.Your questions deals with FINANCES and not Royalty,that is kings and queens regnant,heads of state.Perhaps you should repost your question in Business and Finance.

Social Security checks go to the person who earned the most money in the married couple;when that person dies,the money then continues to go to the spouse.

Answer 2

You can also create a limited liability company to manage the money, and you can take dividends.  Talk with your accountant about it.

Answer 3

try re-posting your question in Finances.You will get a far better response to your question there.I think this is another case of Yahoo posting a question in the wrong category.

Answer 4

There is a limit on earned income for your husband but I don't know about royalties. Call your SS office, they are really helpful. Best of luck--