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I received my letter for next year. they indicate earnings…

Customer Question
I received my letter...

I received my letter for next year. they indicate earnings limit for 2017 as $16,920. I assume this is above the payment for SS. I withdrew $30k from retirement fund to pay IRS, does this count as income earned?

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?

I don't know

Submitted: 7 months ago.Category: Social Security
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Answered in 2 minutes by:
12/22/2017
Social Security Expert: Barbara, Enrolled Agent replied 7 months ago
Barbara
Barbara, Enrolled Agent
Category: Social Security
Satisfied Customers: 6,636
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The earnings limit is for earned, or worked for, income.

The $30,000 distribution from your retirement fund does NOT count as earned income.

Please let me know if I can assist you further.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

Thank you and best regards,

Barb

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Social Security
Satisfied Customers: 6,636
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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