no - after age 70 1/2
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.
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.
No, you cannot directly deposit Social Security income into an IRA. Social Security benefits are not considered earned income and cannot be contributed to an Individual Retirement Account (IRA).
Yes it is income, plus you will be assessed a penalty.
No, alimony is not considered earned income for IRA contributions.
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.
According to the local SSI office any retirement plan that qualifies with IRS rule 209 (xxx) is not counted as earned income.
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.
No, capital gains are not considered earned income. Earned income is typically income earned from working, such as wages or salaries, while capital gains are profits from the sale of assets like stocks or real estate.
Yes, 401(k) contributions are considered earned income for tax purposes.
They are income but they do not require you to pay social security on that income.
Yes.