The Special Receipts screen allows you to enter money you receive that is not employment earnings subject to FICA payroll tax.
Key Concepts:
- Receipts entered here are not recorded as Social Security earnings.
- Receipts entered here can be tagged to indicate their tax consequences as receipts.
Tips:
- Receipts can include such things as inheritances, personal loan repayments, and future investment receipts.
- A receipt that is paid to you every other year, for example, can be represented by setting the frequency to 2. Otherwise, the default frequency of 1 (every year) is most common
- Today's dollars vs nominal dollars can be chosen to enter the receipt. Receipts that have been adjusted for inflation are "today's dollars" and future receipts where there is no inflation adjustment should be entered as nominal.