Is it not considered the same as regular UI?Sorry. I added to my last post. The $600 is considered income and is taxable.
Not by much. Whether it's earned or unearned income, if it's taxable and you exceed the threshold only a part of your social security benefits will be taxable.I am from Minnesota. I am 62 and collect social security each month. My ceiling for earned income is around 18,250.00 per year before penalty. My question is will the $600 per week stimulus check be considered earned income and will this hurt me during tax time?
The SSA seems to differ:Any benefits you get from unemployment insurance will not reduce your Social Security payments. That's because Social Security does not count unemployment benefits as earnings. So the benefits will not push you closer to earnings ceilings that trigger cuts in Social Security benefits for people ages 62 to 66
Whoa, let's step back here and clarify a few things because I see posts here all over the place in this thread that discuss different things that can be confusing, and I'll start with your post as the jumping off point. There are three kinds of Social Security benefits: the old age benefits, disability benefits, and SSI. That matters because the requirements to receive the benefits differs.The SSA seems to differ:
I answered that in my previous post but considering I put a lot of other stuff in there I'll provide you a direct answer here. Unemployment compensation is not earned income but it is also not a gift. So if you are receiving old age (retirement) Social Security benefits it will not result in a reduction of your benefits.My only question is the Unemployment $600 considered earned income or a gift?