What would you like to do?
How much and what types of other incomes count against me when I am receiving Social Security
Was this answer useful?
Thanks for the feedback!
Yes, vacation pay counts as income when receiving survivorbenefits. It shouldn't change the social security benefits you arereceiving, however.
If you pay it back in the same year you received it, no. The taxable amount of benefits shown on your Form 1099-SSA will be automatically adjusted to account for repayments.… If you will pay it back in a later year, yes. See page 15 of Publication 915 to see how to deal with repayments that exceed your benefits: http://www.irs.gov/pub/irs-pdf/p915.pdf
Social Security benefits (retirement and disability) count as income for Medicaid. However, Supplemental Security Income (SSI) does not count as income for Medicaid.
Gambling proceeds are not considered earned income if you do not report the income a self-employment income. Professional gamblers report gambling as self-employment income in… order to deduct travel and other expenses as well as to establish retirement accounts and show the income as a part of an ongoing source of income in order to qualify for bank loans. Recreational gambling income, including lottery winnings, are not considered earned income. The distinction between earned income and ordinary income is for such issues as earned income tax credit and qualifying for social security benefits. Almost any source of money, including gambling winnings, is going to be income. The money would be called unearned income in this case. Consult the SSIC office for the publications that can give you all the details.
My CPA, has advised me, that you can take funds out of your 401k/IRA without any penalty or it being counted against your income. Bottom line, it is not counted as earned inco…me.
No, only earned income is counted for Social Security purposes. Gambling winnings are only considered income if you claim the income a self-employment income. Professional gam…blers claim gambling proceeds as self-employment income in order to be able to deduct certain expenses associated with the profession and to establish the winnings as part of an ongoing source of income.
No, earned income includes wages, salaries, tips, other taxable employee compensation, and net earnings from self-employment. Earned income also includes strike benefits and a…ny disability pay you report as wages.
The simple answer is no. This was taken directly from the Social Security Website... "After you retire, you may receive payments for work you did before you started getting …Social Security benefits. Usually, those payments will not affect your Social Security benefit if they are for work done before you retired. This fact sheet describes some of the more common types of special payments, helps you to decide if you received any and tells you what steps to take if you did. What qualifies as special payments...If you worked for wages, income received after retirement counts as a special payment if the last thing you did to earn the payment was completed before you stopped working. Some special payments to employees include bonuses, accumulated vacation or sick pay, severance pay, back pay, standby pay, sales commissions and retirement payments or deferred compensation reported on a W-2 form for one year, but earned in a previous year. These amounts may be shown on your W-2 in the box labeled "Nonqualified Plan."
yes its a dominant gene.
If you also receive Social Security benefits, they may be subject to income taxes. http://www.socialsecurityoffices.us/tax-requirements-for-ssi-benefits/
A regular annuity which is not a 401K is counted against social security income limits.
Does income from an S corporation or LLC count toward the income you can earn besides social security benefits?
LLCs are what's referred to as "Pass through entities," meaning that any profits it generates "pass through" to the principals. Because of this, there are no distributions…, all monies received is classified as income and is taxed as such. S Corporations are different. They can work as a pure pass through entity like an LLC, or they can be taxed at the corporate level, and any profits distributed thereafter are done so tax-free.
Programs under the Affordable Care Act are for people aged 0 to 64 if you are in this age range you can be assessed through the exchange. There you can find out if you qualify… for a subsidy or tax credit. You will also be assessed for qualify for other government programs. You may also get this assistance from an insurance agent certified to provide information on the programs.
Does social security count toward your income when trying to figure it you get a subsidy under ObamaCare?
The subsidy is based on Adjusted Gross Income, so anything that applies to that counts. Which is most (but not all) SSI payments.
Its so hard to get this question answered. Does Disability from Social Security count towards earned income or unearned income when trying to figure out how much credi…t we would get towards the Obamacare health plan