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By Staff Reporters
SPONSOR: http://www.MarcinkoAssociates.com
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What Counts as ‘Earned Income’?
The IRS defines earned income as money you get for working, including the following:
- Wages
- Commissions
- Bonuses
- Tips
- Honorariums for speaking, writing or taking part in a conference or convention
- Self-employment income
Income that doesn’t qualify includes:
- Taxable pension payments
- Interest income
- Dividends
- Rental income
- Alimony
- Withdrawals from Roth IRAs or other non-taxable retirement accounts
- Annuity income
- Welfare benefits
- Unemployment compensation
- Worker’s compensation payments
- Social Security income.
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Filed under: "Ask-an-Advisor", Accounting, Financial Planning, Funding Basics, Glossary Terms, Marcinko Associates, Taxation, Touring with Marcinko | Tagged: alimony, annuity, commissions, dividends, earned income, Income, IRS, IRS income, Marcinko, pension payments, rental income, ssi, TIPs, wages, welfare | Leave a comment »
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