when can you gross up social security income

Author Message
Icon Mini Profile kathielight





Joined: 26 Dec 2008

Posts: 1

1.37 Dollars($)
Post Posted: Fri Dec 26, 2008 5:24 pm    Post subject: when can you gross up social security income
Like
Dislike

When can you gross up Social Security income? If the income shows on your 1040's as taxable income can you gross up 125% to qualify?
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 5499
Location: New Jersey
601.94 Dollars($)
Post Posted: Mon Dec 29, 2008 4:01 am    Post subject:
Like
Dislike

Hi kathielight

As far as I know, the percentage for gross up varies. In case of a FHA loan, it is 115% and in case of conventional loans it is 125%. The reason for the gross up is that SSI , as far as I know, is not a taxable income. Thus the lenders are looking at the income from a pre-tax basis.

Thanks.

_________________
Good is the Enemy of Great.
Cynthia

Guest







Post Posted: Mon Jul 06, 2009 10:24 am    Post subject: gross up military retirement
Like
Dislike

CAN YOU GROSS UP MILITARY RETIREMENT AND OR DISABLITY. WHAT IS THE GROSS UP36%?
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12377
Location: bloomfield, ct
58.69 Dollars($)
Post Posted: Tue Jul 07, 2009 8:10 am    Post subject:
Like
Dislike

taxable social security income would not be grossed up in any situation.
_________________
George M. Akerley
Mortgage Consultant
Word of Excellence- Writing/Editing/Proofreading
SusieAnn

Guest







Post Posted: Tue Nov 29, 2011 4:31 pm    Post subject: SS Income
Like
Dislike

Which amount do I gross up on Social Security income. Gross or Net?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005

Posts: 12177
Location: ALASKA
1313.62 Dollars($)
Post Posted: Tue Nov 29, 2011 8:56 pm    Post subject:
Like
Dislike

Welcome SusieAnn,

As far as I know, the gross income will be taken into consideration.

_________________
Procrastination is the enemy of your financial success
Icon Mini Profile jveenstra
jveenstra
Community Expert
Community Expert

best lender badge

Joined: 10 Nov 2008

Posts: 1478
Location: River Edge, NJ 07661
31.04 Dollars($)
Post Posted: Thu Dec 01, 2011 10:49 am    Post subject: Gross Up
Like
Dislike

You can gross up income that is not taxed
If you have net income, that is the net after taxes and can not be grossed up.
You can not gross up the gross income if any portion of it was taxed.

Even if social security is taxed, at worst case the taxable portion is about 85% of the gross. So, one should be able to gross up 15% to 100% of social security income.

_________________
John Veenstra, Mortgage Banker
Approved Funding Corp.
41 Grand Avenue
River Edge, NJ 07661
W: 201-833-0123
NMLS ID 178140
All times are GMT - 7 Hours
Page 1 of 1

 

Page loaded in 0.474 seconds.