Sec. 1302. Definition of Earned Income; Related Definitions

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Earned Income.--

It means income within the meaning of section 911(d)(2), or 401(c)(2)(C), except that ---

(A) such term shall not include any amount---

--- not includible in gross income,

--- received as a pension or annuity,

--- paid or distributed out of an individual retirement plan ( within the meaning of section 7701(a)(37),

--- received as deferred compensation, or

--- received for services performed by an individual in the employ of his spouse (within the meaning of section 3121(b)(3)(A), and

(B) section 911(d)(2)(B) shall be applied without regard to the phrase "not in excess of 30 percent of his share of net profit of such trade or business."