Changing checking account (direct deposit) and receiving reward SSI reporting

[renegade44e]

I am a SSI recipient and recently moved (same City & state Phoenix AZ)

The bank just down the street is offering 300$ to switch my direct deposit checking account to them.

I'd like to do it but what are my reporting requirements and how much money will SSA let me keep?

[pennstater]

Have you checked the website for social security? I am not familiar with SSI at all. Wish I could be more help.

[Mamabug]

I believe that you are required to report any earned or unearned income, so you will need to report it. Your resources can't be more than $2000.

And, yes, I expect they will deduct some of those earnings off of your next check. The Social Security Administration figures your federal SSI benefit by deducting your countable unearned income and your countable earned income from the maximum Federal Benefit Amount of $733 for individuals and $1,100 for a couple. I think that you get to keep all but $20 of your unearned income, the way I understand their website, but that almost seems too good to be true, so I might not be understanding it accurately. Here's their website, and you can also call them and ask. They have a toll-free number at 1-800-772-1213.

http://www.disabilityadvisor.com/ssi-application-form/

Oh. I just noticed this is posted in Rich's Social Security Disability Questions forum. I should have just let it alone and allowed him to resond. He'll know the right answer.

[jreagan70]

Oh. I just noticed this is posted in Rich's Social Security Disability Questions forum. I should have just let it alone and allowed him to resond. He'll know the right answer.

Sadly, it doesn't really matter if he knows the right answer. He only shows up 2 or 3 times a year. Virtually no one ever gets their questions answered. The members of MSWorld deserve better than that.

[Mamabug]

Sadly, it doesn't really matter if he knows the right answer. He only shows up 2 or 3 times a year. Virtually no one ever gets their questions answered. The members of MSWorld deserve better than that.

I don't come to this forum often. Rich used to reply approximately once a week; I hadn't realized it was less frequently now. However, he is a volunteer, just like the moderators are. He had the right to decide what amount of time he is willing and able to contribute.

[renegade44e]

I am a SSI recipient and recently moved (same City & state Phoenix AZ)

The bank just down the street is offering 300$ to switch my direct deposit checking account to them.

I'd like to do it but what are my reporting requirements and how much money will SSA let me keep?

Update the money is considered interest income by the bank is reported on a 1099-int

[renegade44e]

Update the money is considered interest income by the bank is reported on a 1099-int

Called SSA, guy seemed totally clueless but seemed to think it wasn't reportable. Didn't try to report anything since I won't get it until March 10th at the earliest. Said there was no form to to report it, either. If they do say "don't worry about it' I intend to write a "Memo for the record" documenting the call. Hope I get someone as clueless as this guy again ;-)