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The Social Security Administration (SSA) provides monthly Supplemental Security Income (SSI) benefits to disabled, blind, elderly individuals 65 or older with limited resources. Children who are blind or disabled may also be eligible for SSI.
However, a person’s eligibility for SSI and benefit amount will depend on their income and available resources. For this reason, many people wonder how a lump sum child tax credit might affect their SSI benefits.
Your available resources are counted on the first day of each month. You cannot have “countable resources” in excess of $2,000 (or $3,000 for couples) in any given month. The Social Security Administration can count cash in the bank or items of personal property, but federal tax returns are generally not counted against a person’s SSI eligibility or payment amount.
Specifically, the money received in a lump sum child tax credit will not be counted for a period of 12 months. This means that the funds can sit in your account for a full year before they would impact your SSI eligibility or benefit amount. If you have questions about how a lump sum child tax credit might affect your SSI benefits, reach out to Jan Dils, Attorneys at Law, today.
The maximum SSI payout varies from year to year. When the Consumer Price Index increases from the third quarter of one year to the third quarter of the next, SSI benefits also increase to accommodate this change. For an individual, the maximum SSI benefit rate is $841 and $1,261 for a couple as of January 1, 2022.
Several states make additional payments to supplement the federal SSI payout. As a result, the total SSI benefit amounts in those states are more significant. Your income, living arrangements, number of dependents, and other variables determine the amount of SSI benefits and state supplemental payments you may receive.
The legal team at Jan Dils, Attorneys at Law, can answer any questions and address any concerns you have about how a lump sump child tax credit may affect your SSI benefits. Do not hesitate to reach out to our firm today for professional insight into your specific circumstances.
Jan Dils, Attorneys at Law