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Is an IRA withdrawal considered earned income by social security?
Wiki User
∙ 13y ago
no - after age 70 1/2
Wiki User
∙ 13y ago
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Is any of this considered earned income if you and your wife live on social security income and a small pension benefit but no labor is performed?
No. Social Security and Pension income are not considered earned income for the purposed of the Earned Income Tax Credit. This is not to say that you will not have to file an income tax return and possibly pay taxes. Depending on the amount of income you have and your filing status, you may or may not have to file a return.
Are retirement benefits earned or unearned income?
Retirement benefits, such as pension or Social Security payments, are generally considered earned income because they are often a result of a person's work experience and contributions throughout their career.
Does a 401k early withdrawal have to be counted as earned income?
Yes it is income, plus you will be assessed a penalty.
Is unemployment checks considered income?
Yes it is taxable income that has to be reported as such on your 1040 income tax return. For the tax year 2009 the first 2400 of unemployment compensation received will not be taxable income that would have to be added to all of your other gross worldwide income and taxed at your marginal tax rate.
Is deferred compensation considered earned income for social security earning limits?
According to the local SSI office any retirement plan that qualifies with IRS rule 209 (xxx) is not counted as earned income.
Does winnings from the casino count as earned income for my social security?
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.
Are rental investments considered income for social security?
They are income but they do not require you to pay social security on that income.
Is commission considered earned income?
Yes.
Can you contribute to your IRA if you are drawing social security?
You can contribute to an IRA if you are not yet 70 1/2 and have some source of W-2 / 1099 self employment income. Social security payments are NOT considered income that can be used to contribute to an IRA.
How is Social Security an example income redistribution?
Social Security is an example of income redistribution by taking a small amount of earned income and storing it over time.
Can you get the earned income credit for babysitting in 2010?
Yes, babysitting is considered earned income. You must be 25 or older
Can Social Security Disability be garnished for child support after child reaches age eighteen?
No, Social Security Disability can not be garnished for anything. That is not considered earned income. So no one can garnish it. sorry
