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?
You'll need to sign in or create an account to connect with an expert.
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).
Are you sure about unemployment benefits?
Can a turbotax employee comment on this ?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
deborahdennisbak
New Member
kgaro113
Level 2
ResidentReturn
Level 1
GK1103
New Member
JiminOregon
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.