is a pension and social security considered earned income?

  1. profile image42
    kerryeverheartposted 8 years ago

    is a pension and social security considered earned income?

    and my wife receives half the amount of my social security.

  2. Hawkston profile image55
    Hawkstonposted 8 years ago

    Like many things in life, the answer depends on the situation.

    Pensions and Social Security payments are not considered as earned income for most parts of the US 1040 Tax Form, but are considered as earned income for some lending institutions.

    Pensions and Social Security benefits are included as income in determining support for dependants and filing status.

    Pensions and Social Security benefits are not entirely taxable, but the parts that are are taxed at the same rate(s) as your earned income.

    Was there a particular situaiton that you needed help with?

 
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