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Can you get earned income credit if you receive social security?
Yes, you can qualify for the Earned Income Tax Credit (EITC) if you receive Social Security benefits, provided you also have earned income from a job or self-employment that meets the eligibility requirements. However, Social Security benefits themselves do not count as earned income for the EITC. To receive the credit, you must meet other criteria, such as income limits and filing status. Always consult the IRS guidelines or a tax professional for specific eligibility details.
Can you receive survivor benefits and earn income?
Yes, you can receive survivor benefits and earn income, but the amount you can earn without affecting your benefits depends on the specific program and your age. For Social Security survivor benefits, if you're under full retirement age, there are income limits that may reduce your benefits if you earn above a certain threshold. However, once you reach full retirement age, you can earn any amount without impacting your survivor benefits. Always check the current regulations, as they can change.
How much can you make and qualify for VA medical benefits?
To qualify for VA medical benefits, your income must fall below certain thresholds that vary based on factors like your location, family size, and whether you have dependents. For many veterans, the income limits are adjusted annually and can be influenced by factors such as service-connected disabilities. Generally, veterans with service-connected disabilities have more favorable income thresholds. It's recommended to check the latest information from the VA’s official website or contact them directly for the most accurate and personalized guidance.
Why does a Roth IRA have income limits?
Roth IRAs have income limits to ensure that they are primarily used by individuals with lower to moderate incomes, as they offer tax benefits that are meant to help people save for retirement. This helps prevent high-income earners from taking advantage of these benefits excessively.
Is it illegal to be on Medicaid and blue cross?
No, The patient may have a commercial plan from an absent parent, or may just have a job that provides medical benefits but still is under income limits and still able to receive Medicaid.
Can you contribute to a Roth with SSI benefits?
Yes, you can contribute to a Roth IRA even if you receive Supplemental Security Income (SSI) benefits, provided you have earned income that meets the IRS requirements for contributions. SSI benefits themselves do not count as earned income. It's important to ensure that your total contributions do not exceed the annual limits set by the IRS and that you meet other eligibility criteria. Always consider consulting a financial advisor for personalized advice.
What property is exempt in NC?
The only things in NC that are exempt from repossession or garnishment are SSI and veterans' benefits. There are limits that they can take from vehicles and properties though.
If a child receives social security death benefits can he still be eligible for food stamps?
Within the limits of income.
How much alimony or maintenance can a person on disability receive without affecting their benefits?
The amount of alimony or maintenance a person on disability can receive without affecting their benefits largely depends on the specific disability program they are enrolled in, such as Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI). For SSDI, there are generally no strict limits on unearned income like alimony, but it could affect the amount of benefits if it leads to substantial gainful activity. In the case of SSI, any alimony received may count as income, potentially reducing benefits dollar-for-dollar. It's advisable to consult with a benefits specialist or attorney to understand the implications for individual circumstances.
How is ssi taxed when you also work monthly or year end?
Supplemental Security Income (SSI) is generally not subject to federal income tax, as it is designed to provide financial support to individuals with limited income and resources. However, if you also work and earn income, it may affect your SSI benefits. The Social Security Administration (SSA) has specific income limits, and if your earnings exceed these limits, your SSI benefits may be reduced or suspended. It's important to report any changes in income to the SSA to ensure compliance and to determine how it may impact your benefits.
Does rental income count against ss income limits?
does rental income count against ss income limits
What are the tax implications of transit benefits according to the IRS?
Transit benefits provided by employers are generally considered taxable income by the IRS, unless they fall within certain limits set by the IRS. Employees may receive up to a certain amount of tax-free transit benefits each month, but any amount exceeding that limit is subject to taxation.
