topic What is earned income? in Tax topics https://ttlc.intuit.com/community/income/help/what-is-earned-income/01/26622#M6515 <P>It helps to think of <STRONG>earned income</STRONG> as money you work for, as opposed to passive income like interest, dividends, or rental income if you're not in the business of renting out properties.</P> <P>The IRS defines earned income as:</P> <UL> <LI>Taxable income you earned as an employee, such as wages, salaries, commissions, and tips</LI> <LI>Profits from operating your business or farm</LI> <LI>Long-term disability pay, if received before the minimum retirement age</LI> <LI>Union strike benefits</LI> </UL> <P>The IRS also gives you the option of treating nontaxable combat pay (code Q in box 12 of your W-2) as earned income for the Earned Income Credit (EIC).</P> <P>Worker's comp, unemployment, and pensions <A href="https://ttlc.intuit.com/community/income/help/what-is-unearned-income/00/26621" target="_blank">don't count as earned income</A>.</P> <DIV class="ISH_suggestedInformation"> <H2>Related Information:</H2> <UL> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc/00/25603" target="_blank">What are the qualifications for the Earned Income Credit (EIC or EITC)?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/income/help/what-is-unearned-income/00/26621" target="_blank">What is unearned income?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-a-qualifying-child-for-the-earned-income-credit-eic/00/26686" target="_blank">What is a qualifying child for the Earned Income Credit (EIC) in 2020?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/can-i-qualify-for-the-earned-income-credit-if-i-didn-t-work-was-unemployed-or-am-not-required-to/00/26365" target="_blank">Can I qualify for the Earned Income Credit if I didn't work, was unemployed, or am not required to file a return?</A> </LI> </UL> </DIV> Thu, 18 Mar 2021 06:15:57 GMT TurboTax Help 2021-03-18T06:15:57Z What is earned income? https://ttlc.intuit.com/community/income/help/what-is-earned-income/01/26622#M6515 It helps to think of earned income as money you work for, as opposed to passive income like interest, dividends, or rental income if you're not in the business of renting out properties. The IRS defines earned income as: Taxable income you earned as an employee, such as wages, salaries, commissions, and tips Profits from operating your business or farm Long-term disability pay, if received before the minimum retirement age Union strike benefits The IRS also gives you the option of treating nontaxable combat pay (code Q in box 12 of your W-2) as earned income for the Earned Income Credit (EIC). Worker's comp, unemployment, and pensions don't count as earned income. Related Information: What are the qualifications for the Earned Income Credit (EIC or EITC)? What is unearned income? What is a qualifying child for the Earned Income Credit (EIC) in 2020? Can I qualify for the Earned Income Credit if I didn't work, was unemployed, or am not required to file a return? Related Information: What is unearned income? Thu, 18 Mar 2021 06:15:57 GMT https://ttlc.intuit.com/community/income/help/what-is-earned-income/01/26622#M6515 TurboTax Help 2021-03-18T06:15:57Z
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<P>It helps to think of <STRONG>earned income</STRONG> as money you work for, as opposed to passive income like interest, dividends, or rental income if you're not in the business of renting out properties.</P> <P>The IRS defines earned income as:</P> <UL> <LI>Taxable income you earned as an employee, such as wages, salaries, commissions, and tips</LI> <LI>Profits from operating your business or farm</LI> <LI>Long-term disability pay, if received before the minimum retirement age</LI> <LI>Union strike benefits</LI> </UL> <P>The IRS also gives you the option of treating nontaxable combat pay (code Q in box 12 of your W-2) as earned income for the Earned Income Credit (EIC).</P> <P>Worker's comp, unemployment, and pensions <A href="https://ttlc.intuit.com/community/income/help/what-is-unearned-income/00/26621" target="_blank">don't count as earned income</A>.</P> <DIV class="ISH_suggestedInformation"> <H2>Related Information:</H2> <UL> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc/00/25603" target="_blank">What are the qualifications for the Earned Income Credit (EIC or EITC)?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/income/help/what-is-unearned-income/00/26621" target="_blank">What is unearned income?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-a-qualifying-child-for-the-earned-income-credit-eic/00/26686" target="_blank">What is a qualifying child for the Earned Income Credit (EIC) in 2020?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/can-i-qualify-for-the-earned-income-credit-if-i-didn-t-work-was-unemployed-or-am-not-required-to/00/26365" target="_blank">Can I qualify for the Earned Income Credit if I didn't work, was unemployed, or am not required to file a return?</A> </LI> </UL> </DIV>
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It helps to think of earned income as money you work for, as opposed to passive income like interest, dividends, or rental income if you're not in the business of renting out properties. The IRS defines earned income as: Taxable income you earned as an employee, such as wages, salaries, commissions, and tips Profits from operating your business or farm Long-term disability pay, if received before the minimum retirement age Union strike benefits The IRS also gives you the option of treating nontaxable combat pay (code Q in box 12 of your W-2) as earned income for the Earned Income Credit (EIC). Worker's comp, unemployment, and pensions don't count as earned income. Related Information: What are the qualifications for the Earned Income Credit (EIC or EITC)? What is unearned income? What is a qualifying child for the Earned Income Credit (EIC) in 2020? Can I qualify for the Earned Income Credit if I didn't work, was unemployed, or am not required to file a return? Related Information: What is unearned income?
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