Assets as Income

[Hot Topic]

What is the name of your state (only U.S. law)? California



Are Certificates of Deposit, traditional IRAs and Roth IRAs considered income?

It doesn't seem they would be unless you cashed them out.

 

[FlyingRon]

In what context. As far as IRS is concerned for taxation, none of those are income just because they exist. When the CD matures, the interest becomes taxable income. When you withdraw from the IRAs the withdrawal (for the traditional) and any gain (for the Roth) are taxable.

If you're talking about what can be attached by a creditor (based on the category), the CD (unless it's in a IRA or something) is probably fair game when it matures.

 

[Hot Topic]

In what context. As far as IRS is concerned for taxation, none of those are income just because they exist. When the CD matures, the interest becomes taxable income. When you withdraw from the IRAs the withdrawal (for the traditional) and any gain (for the Roth) are taxable.

If you're talking about what can be attached by a creditor (based on the category), the CD (unless it's in a IRA or something) is probably fair game when it matures.

I'm trying to get health insurance. The company wants me to fill out a questionnaire that asks for all sources of income. I didn't think it would be unless I withdrew some of the funds but I wanted to make sure.

Thanks, FR.

 

[LdiJ]

I'm trying to get health insurance. The company wants me to fill out a questionnaire that asks for all sources of income. I didn't think it would be unless I withdrew some of the funds but I wanted to make sure.

Thanks, FR.

Those are not sources of income, but they might matter for qualification for low cost health insurance if assets matter.

 

[Hot Topic]

As it happens, I just got turned down for insurance provided by the city and county because I have too much in the way of assets (checking account, CD, Iras, etc.).