do 401k count as income for foodstamp benefits?

Answer 1

As mentioned previously, income and taxes are deferred until you are 59.5 or if you take the 10% penalty and take an early distribution.

Answer 2

If you are receiving distributions or a loan from a 401K, then it does count as income, and you have to pay taxes on it, too.

If you have a 401k that is generating income through investments, then does not count as the money is kept in the 401k account. Income and income tax are deferred.

Good luck in qualifying for your benefits.

Answer 3

Q: whilst i pass to record earnings taxes in february 2011 will that 11,000 be coated as earned earnings? No. Distributions from 401k's are no longer earned earnings. The distribution won't count variety to improve your Earned earnings credit, Making paintings Pay credit, or further newborn Tax credit. in case you itemize, you could cut back the ten% penalty you owe ($a million,a hundred) to the quantity your scientific expenses exceed 7.5% of your adjusted gross earnings. Q: I frequently obtain all my taxes returned, will that monies be upload to the quantity of my earnings that I made in 2010? definite, your finished distribution of $11K would be further on your earnings. The withholding that regulate into taken out would be further on your money. in case you have little ones, the earnings tax on your earnings mutually with your 401k distribution can nevertheless be decreased via the newborn Tax credit. in the experience that your wages for 2010 exceed $3,000, you could qualify for some further newborn Tax credit. you additionally can qualify for Earned earnings credit based on your wages.

Answer 4

Definitely.

Answer 5

No, because that's not accessable money unless you're retired. If you're drawing off it from retirement, it counts as income.

Answer 6

Food-stamps? 401K? How can you have both?