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Most scholarships are NOT taxable. If part of your tuition was paid for by a scholarship, it is not taxable. However, if your scholarship or fellowship provided housing, travel, or funds for research you may need to pay taxes on part of your scholarship. You can find the details here. http://www.irs.gov/pub/irs-pdf/p970.pdf
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Are retirement benefits earned or unearned income?
retirement benefits are considered earned income.
Is commission considered earned income?
Yes.
Can you get the earned income credit for babysitting in 2010?
Yes, babysitting is considered earned income. You must be 25 or older
What is realized income?
Realized income is essentially the income that you know that you have earned or received. This income is considered taxable.
What are examples of earned income?
Earned income can include wages, tips, salaries, net earnings from self employment. Basically earned income is the money you make from working for someone else or from you working in the business you own. It is considered earned income if you worked for it.
What are some examples of earned income?
Earned income can include wages, tips, salaries, net earnings from self employment. Basically earned income is the money you make from working for someone else or from you working in the business you own. It is considered earned income if you worked for it.
What is the tax rate on earned interest?
considered ordinary income
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.
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 a state pension considered unearned income?
No, you earned it and it has been put aside for you.
Are pension and IRA payments considered earned income?
Definitions: Earned income - is received from services performed. For example, wages, commisions, tips, and business income. Unearned income - is generally income that the does meet the definition of earned income. Examples include interest, dividends, rents, and royalties. Pensions and IRA distributions would fall into this category.
Is a annuity check considered earned income?
An annuity check would be a part of your unearned income amount on your federal 1040 income tax return.
