Can you voluntarily contribute to FICA (Social Security) in a period when you are not working.?

Question

Thanks!
Ron

Answer 1

No, you don't have earnings to pay the tax against. The Roth idea won't work because your contribution to an IRA is based on your earned income and you would not have any.

Answer 2

No, th at's not allowed. If you are self-employed though and make over $399 for the year, you not only can but are required to file a tax return and contribute to FICA.

Answer 3

FICA is based on your wages and does NOT go into an account for YOUR retirement. The money you pay goes to the payments made to your grandparents generation or your parents generation. I am sure they would appreciate it, however, you would be better off opening a retirement account for yourself and make regular contributions to that. That way the money you put into it will be for YOUR retirement.

Answer 4

The closest you can come to this is the optional method to compute self-employment tax if your business or farm profits are below $1,733.

Benefits are computed on your average indexed monthly earnings for you highest 35 years.

Answer 5

S.S. uses your last 10 years of income, check on it to be certain nothing has changed .
To determine your final s.s. payment if you either retire or become totally disabled.
How old are you?
If you are within 10 years of retirement call them s.s. and ask.
I don't know how much you have to invest but inquire about the Govt savings bonds that are indexed to inflation and ask if you can keep rolling them into new bonds tax exempt and ask how long.you can keep rolling them over and keep the interest tax exempt.. it's safe and you can always cash then in as they are not in a tax dererred acount i believe with no withdrawel penility.
The stock market is running high on borrowed money it's a it's real crap shoot.
Keep your money safe.

Answer 6

Why would you want to? Open a Roth IRA instead.