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Can SSI payments be used to qualify for a home loan?
SSI is a valid income source and can be used to qualify for a home loan. With most lenders you can even use 25% more than the actual income amount to qualify since SSI is not taxed like other income types (this evens the playing field since employed people use their gross income when its known that it will be taxed before they can use it to repay the loan).
Can you get a loan on your ssi?
You usually cannot get a loan on your SSI, though some payday loan companies may allow it. You can use it as your income source for the purpose of getting a loan.
You are on SSI you owe everybody how can you buy a house?
It is important to understand what you mean by owing everyone. The four factors involved in buying a home are... 1. Credit 2. Down Payment 3. Debt load 4. Reserves. The good news about SSI is that we can "gross" it up. Lets lay you receive $2,000 / Month SSI. Many programs out there will allow us to count 125% of this monthly amount as income. Therefor in this case we can use $2,500 as a qualifying income. The reason for this is that SSI does not get taxed like traditional income. If you have a small down payment or if your Real Estate Agent can negotiate a seller paid down payment that can help also.
Need to borrow some money on ssi debit card to pay back in several months?
SSI is not a line of credit or a wage. Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes). It was designed to help aged, blind and/or disabled people who have little or no income. The intent is to provide cash to meet basic needs such as food, clothing and shelter. This money comes from taxpayers and is not "free money". One cannot borrow against it like a loan or credit card.
What is the maximum fica in 2011?
The maximum FICA tax for 2011: Employer 7.65% SSI: Employee 4.20% Employer 6.20% MED: Employee 1.45% Employer 1.45% Income subject to SSI tax: $106,800 Employee $4,485.60 Employer $6,621.60
Does the person have to be disabled in order to claim SSI?
The Supplemental Security Income (SSI) program pays benefits to disabled adults and children who have limited income and resources. SSI benefits also are payable to people 65 and older without disabilities who meet the financial limits.
Is ssi taxable?
Supplemental security income (SSI) is not taxable income.
Can your mother draw benefits off your dad SSI?
No, the Supplemental Security Income (SSI) program does not provide benefits for spouses or dependents. SSI is a needs-based program that provides financial assistance to individuals with low income and limited resources who are disabled, blind, or elderly.
Do I include my son's SSI income on my tax return?
No. The SSI income would be your son's, not yours.
What income is exempt from garnishment?
SSI income
What is the function of ssi?
Supplemental Security Income provides financial assistance to indigent US citizens who are 65+ years old or disabled.
Can you get ssd and ssi?
You can get SSI if your other income, including SSD, is less than the SSI standard.
If your only income is SSI do you have to file income tax form every year?
SSI is Supplemental Security Income. SSI benefits aren't taxable. For this reason, Social Security Administration doesn't report your benefit amount to the IRS. That's also why they don't send you a 1099 or another income information reporting form. Also you don't pay state income taxes on SSI benefits
Can arears for childsupport be taken ssi disabilty?
SSI income cannot be attached for child support.
WHAT IS SSI?
SSI stands for Supplemental Security Income. It is a program that gives stipends to people who have low-income or those who are aged 65 and older, blind, or disabled.
Can people on ssi get a tax refund?
No it's not income
What did SSI provide income for?
SSI provides cash payments to low-income persons over age 65 or disabled who meet certain other factors of eligibility, such as citizenship.
