Unearned Income

What does Unearned Income mean?

According to the Social Security Administration, unearned income is income which is not generated from a job or business. There are various types of unearned income including proceeds from life insurance policies, gifts and contributions, alimony payments, rental income, strike pay, inheritance, prizes, lottery winnings, annuities, pensions from government, workers' compensation benefits, unemployment insurance benefits, benefits from the Department of Veteran Affairs and the value of food or shelter provided by another person.

Supplemental Security Income applicants will not qualify for SSI benefits if their income and resources are too high. Currently the SSI limit for resources is $2,000 per individual and $3,000 for couples, although not all resources are counted towards the limit. The SSI does include certain types of unearned income in their resource and income calculations, and if you have too much unearned income the SSA will determine you are not eligible for SSI benefits, regardless of the severity of your medical condition. Talk to the SSA at 1-800-772-1213 if you have questions about your resource and income limit.

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Social Security Disability Attorneys near Ashburn VA

Mathis & Mathis

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1650 King Street, Suite 650
Alexandria, VA 22314

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Simplified Employee Pension SEP

A Simplified Employee Pension plan or SEP is a retirement vehicle which can be used by a business of any size, including those who are self-employed, and allows the employee and employer to contribute to the employee’s retirement through a SEP IRA.

Category: Employment Law