Question:

 I retired as a community college instructor and have over $500,000 in my retirement account, but do not plan an using it until at least two years. I also have 20 years military retirement receiving monthly checks. Do I have to claim the $500,000 as income?

Jim's Reply:

That will depend on who's asking about your income. Some entities require all household income be reported, others ask for earned wage income and so on. Look to the source of the request for information to learn what they class as income.