Infatuation Rules
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Do married couples get two Social Security checks?

No. Each spouse can claim their own retirement benefit based solely on their individual earnings history. You can both collect your full amounts at the same time.

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Your retirement benefit? No. Each spouse can claim their own retirement benefit based solely on their individual earnings history. You can both collect your full amounts at the same time. However, your spouse’s earnings could affect the overall amount you get from Social Security, if you receive spousal benefits. These are Social Security payments you can collect on the basis of your husband’s or wife’s earnings record. AARP Membership — $12 for your first year when you sign up for Automatic Renewal Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. Join Now The maximum spousal benefit is 50 percent of your mate’s primary insurance amount, the retirement benefit to which he or she is entitled at full retirement age, based on his or her earnings history. (To get 50 percent, the person claiming spousal benefits must have reached full retirement age, which is 66 and 4 months for those born in 1956, 66 and 6 months for someone born in 1957 and gradually rising to 67 over the next few years.) Under Social Security’s “deemed filing” rule, people who are married are required to file for a spousal benefit at the same time as they file for their retirement benefit — when you claim one, you are deemed to be claiming the other. Social Security will pay you the bigger of the two amounts (never both combined). If the spousal benefit is larger than your retirement benefit, you will receive the amount of the spousal benefit. Say you and your mate both claimed Social Security at full retirement age. Based on your respective earnings records, your retirement benefit is $1,200 a month and your spouse’s is $2,000. Your spousal benefit would be $1,000 — half of your spouse’s benefit — so Social Security will, in effect, ignore it and pay your higher retirement benefit of $1,200. But suppose your retirement benefit is only $900 a month. In this case, you’ll get $1,000 from Social Security, the equivalent of the spousal benefit. Technically, Social Security considers itself to be paying the $900 retirement benefit on your work record and topping it up with $100 on your spouse’s record — but practically speaking, you’re getting the spousal benefit.

Keep in mind

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What money can the IRS not touch?

Federal law requires a person to report cash transactions of more than $10,000 to the IRS.

IRS Tax Tip 2019-49, April 29, 2019

Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments.

Who’s covered

For purposes of cash payments, a “person” is defined as an individual, company, corporation, partnership, association, trust or estate. For example:

Dealers of jewelry, furniture, boats, aircraft, automobiles, art, rugs and antiques

Pawnbrokers

Attorneys

Real estate brokers

Insurance companies

Travel agencies

How to report

People report the payment by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or BusinessPDF. A person can file Form 8300 electronically using the Financial Crimes Enforcement Network’s BSA E-Filing System. E-filing is free, quick and secure. Filers will receive an electronic acknowledgement of each form they file. Those who prefer to mail Form 8300 can send it to the IRS at the address listed on the form.

What’s cash

Cash includes coins and currency of the United States or any foreign country. For some transactionsPDF, it’s also a cashier’s check, bank draft, traveler’s check or money order with a face amount of $10,000 or less.

A person must report cash of more than $10,000 they received:

In one lump sum

In two or more related payments within 24 hours

As part of a single transaction within 12 months

As part of two or more related transactions within 12 months

When to file

A person must file Form 8300 within 15 days after the date they received the cash. If they receive payments toward a single transaction or two or more related transactions, they file when the total amount paid exceeds $10,000.

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