Fixed Income
Fixed income sources — retirement income, Social Security, pensions, VA benefits, disability, annuities, and asset depletion — with continuance checks built in.
Fixed income borrowers draw from several recurring sources at once, and each has its own documentation and continuance rules. Retirement income, Social Security, pension income, VA benefits, disability income, and annuity distributions each qualify differently: some can be grossed up when non-taxable, some require a continuance check, and asset-depletion income depends on eligible balances and the program's drawdown formula.
IncomeCalculator.com combines Social Security, pension, VA benefits, disability, annuity, IRA and 401(k) distributions, and any other fixed income streams into a single qualifying figure, applies the appropriate gross-up where allowed, and confirms that each source is likely to continue for the required period.
What to upload
- Social Security award letters and SSA-1099s
- Pension and annuity statements, plus 1099-R forms
- VA benefit award letters and disability award letters
- Retirement account statements (IRA, 401(k)) for asset depletion
- Tax returns showing recurring fixed income distributions
How the calculation works
Inventory the fixed income sources
Retirement income, Social Security, pension, VA benefits, disability, annuity, and distribution income are each identified and documented separately.
Apply gross-up and continuance
Non-taxable income — including Social Security, VA benefits, and disability where applicable — is grossed up where the program allows, and each source is checked for the required continuance period.
Calculate asset depletion
Where used, eligible retirement balances are run through the program's drawdown formula to produce a monthly income amount that supplements the other fixed income streams.
Supported programs
Conventional, FHA, VA, USDA, and Non-QM. Asset-depletion income availability varies by program and is flagged accordingly.
Common questions
Can Social Security, VA benefits, or disability income be grossed up?
Yes, where the program permits. Non-taxable fixed income — Social Security, VA benefits, and qualifying disability income — can be grossed up per program guidelines. The assistant applies the allowed gross-up and shows both the gross and net figures.
How is asset-depletion income calculated?
Eligible retirement balances are divided by the program's drawdown term, after any required reductions, to produce a monthly figure that pairs with other fixed income sources.
Does pension or annuity income need a continuance check?
Yes. The assistant confirms each pension, annuity, VA benefit, or disability payment is expected to continue for the period the program requires before counting it.
Can retirement income and Social Security be combined with other fixed income?
Absolutely. Multiple fixed income streams — retirement distributions, Social Security, pension, VA benefits, and disability — are combined into a single monthly qualifying figure with the math shown for each source.