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Will your student loans affect your husbands income or social security?
Wiki User
∙ 9y ago
This info is for regular Social Security (not SSI)
If your social security benefit is less than $750/month, then it cannot be garnished for ANYTHING.
If you make more than $750/month, a garnishment can take 15% or the amount over $750, whichever is less.
SS benefits are generally protected against garnishments. SS, along w/just about every other gov. benefit is "exempt" from collection. That means nobody can get at it to pay a debt. Nobody, except Uncle Sam. Since 1996 garnishments of SS benefits have happened. BUT...ONLY "non-tax" Federal debts can be collected this way. Such debts are unpaid student loans, defaulted HUD, FmHA, FHA mortgages, etc.
SSI
SUPPLEMENTAL SOCIAL SECURITY (SSI) will NEVER be garnished for ANYTHING except SSI overpayments, which can be recovered by a 10% reduction of benefits.
Good Luck!
Wiki User
∙ 13y ago
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It is possible that some of the social security benefits could become taxable income on your income tax return.
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No, it's considered an exempt income.
Does non earned income affect Social Security compensation?
Unearned income would NOT count as part of the income for the earnings test amount on your social security benefits amount. Unearned income could cause some of your SSB to become taxable income on your 1040 federal income tax return.
Does owning a home affect social security disability payments?
No. Social Security Disability payments are not based on assets, but on income. Owning a house may affect SSI (Supplemental Security Income) payments, especially if the house is particularly large, valuable, or the individual owns more than one house.
Do you have to include your husbands income on student loan applications?
If you both own the real estate- yes. If you are the owner the bank may want your husband to co-sign.
How does capital gains income affect social security?
That depends, if you're below the maximum amount of income that you can earn for that tax year, then it won't trigger a claw back of some of your social security. On the other hand, if your income is over the maximum amount you're allowed to earn, then the government will take the appropriate deduction from your social security.
