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Does unemployment income earn quarterly social security credit
I just want to confirm if someone earned unemployment income during 2020 - does it count towards those 4 social security credits?
To my understanding only earned income is considered for those quarterly credits but just wanted to confirm if there is any change in 2020 due to pandemic.
Also for those quarterly credits - net income from self employment is considered or gross income?
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April 8, 2021
7:39 PM
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Get your taxes done using TurboTax
No, Unemployment does not count towards Social Security Credits. But yes a Net Profit on Schedule C does give you ss credits. You pay self employment tax on it. The SE Tax is to pay your share of FICA (ss & Medicare).
April 8, 2021
7:42 PM
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Get your taxes done using TurboTax
Are you sure about unemployment benefits?
Can a turbotax employee comment on this ?
April 9, 2021
2:25 PM