What is earned income for an IRA?

Answer An IRA is an individual retirement account that helps people save money with tax advantages. Earned income is money on which you must pay FICA or self-employment taxes.Types of IRAsIRA types includ... Read More »

Top Q&A For: What is earned income for an IRA

Does sick pay qualify as income for the earned income credit?

Sick pay does fall under earned income. The Internal Revenue Service allows two ways to make earned income: either someone you work for pays you or you work in your own business, so sick pay would ... Read More »

Is there a minimum income to file for earned income credit?

There are no minimum income level requirements to file for the earned income credit. According to the Internal Revenue Service (IRS), several rules are in place regarding earned income tax credit e... Read More »

Income Requirements for Claiming the Earned Income Tax Credit?

The Earned Income Tax Credit (EITC) is a federal income tax credit for low- to moderate-income individuals or families. The size of the credit is governed by the amount of income and the number of ... Read More »

Income Tax on Income earned and tax paid while abroad?

Go to the IRS gov website and use the search box for Five Facts about the Foreign Earned Income ExclusionIf you are living and working abroad you may be entitled to the Foreign Earned Income Exclus... Read More »