Posted on: 26th Dec, 2008 04:24 pm
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?
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.
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.
CAN YOU GROSS UP MILITARY RETIREMENT AND OR DISABLITY. WHAT IS THE GROSS UP36%?
taxable social security income would not be grossed up in any situation.
Which amount do I gross up on Social Security income. Gross or Net?
Welcome SusieAnn,
As far as I know, the gross income will be taken into consideration.
As far as I know, the gross income will be taken into consideration.
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.
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.