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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Is There A Maximum Amount Of Wages A Person Can Earn, And Is Unemployment Considered Wages?
I started receiving my FRA benefits in January 2020. I also worked PT until the pandemic hit and I got laid off. so I worked 3 months and now I am collecting unemployment.
I there a maximum in wages one can earn and is unemployment income considered wages?
I am concerned about my tax return situation.
Thank you
Hi,
For Social Security purposes, unemployment insurance payments are considered as unearned income. In other words, no, they don't count as wages. Receiving unemployment benefits does not affect a person's Social Security benefits regardless of their age, and once you reach full retirement age (FRA) there's no limit on how much you can earn and still be paid all of your benefits.
My expertise is limited to Social Security benefits, though, so I can't give you any advice regarding taxes or taxation of Social Security benefits (https://www.ssa.gov/benefits/retirement/planner/taxes.html).
Best, Jerry
Category:
Posted:
August 7, 2020