0
Yes, if you have won a substantial prize you MUST tell the ss department. They will then work out what you should get (if anything).
If you are receiving social security at full retirement age (66), additional income should not affect your benefits. If you are receiving Social Security benefits for any other reason, call the office to inquire at 1-800-772-1213.
What else can I help you with?
What can affect your monthly car payment?
Interest and down payment.
Will wining the lottery affect food stamps?
Yes, winning the lottery can affect food stamp eligibility. If your lottery winnings increase your income or assets beyond the program's limits, you may lose your benefits. Each state has its own rules regarding asset limits and how lottery winnings are treated, so it's important to check with your local food stamp office for specific guidelines.
Will winning the lottery effect your Social Security benefits?
Lottery winnings will NOT count as a part of your earned income for the earnings test amount because the winning amount from the lottery is NOT earned income. Yes the amount of the lottery winnings will affect how much of your social security benefits will become taxable income on your 1040 income tax return. Depending on the total amount of all of your other gross income including the lottery winnings from 50 % to 85 % of your SSB can become taxable income on your federal income tax return at your marginal tax rate.
How does the down payment affect the monthly payment amount when purchasing a car?
The down payment on a car reduces the amount of money you need to borrow, which can lower your monthly payment amount. A larger down payment typically results in a smaller monthly payment, while a smaller down payment usually leads to a higher monthly payment.
Does a small lottery win affect unemployment?
If you read each state's regulations pertaining to income, you're required to report ALL income in the week you receive it and they will adjust your benefits accordingly, especially if the amount exceeds the benefit. <><> Most States Unemployment Offices Have A Q&A Section Posted On Their Web Site Concerning Unemployment Benefits. If You Win A Small Amount From The Lottery ($100 Up to Approx. $1000) You "Do Not" Have To Report The Winnings To Anyone. You Would Be Required To Report Winnings That Would Require That You Go To The Local Lottery Office To Collect Your Winning. Usually You Would Also Be Required To Pay Taxes On Those Winnings. As Well As Report Those Winnings To The IRS At Tax Time. As Some States See Those Winnings As Income (At A Certain Dollar Amount). But, If You Are Able To Collect Your Winnings At The Store Of Purchase, "Without Providing You Person Information" (Name, D.O.B., SS#). Then "NO" You Would Not Be Required To Report Your Winnings To Anyone! Remember The State Runs The Lottery ..... If You Owe Them .... They Would Get Theirs Before You Got Yours ...... Usually.
Where can I find a car payment calculator?
Here is a website with a car payment calculator : http://www.carpaymentcalculator.net/ It will give you the monthly payment you'd need to pay in order to pay it. The calculator takes account of a few factors that could affect your payment.
How does an escrow increase affect my mortgage payment?
An escrow increase can affect your mortgage payment by causing it to go up. This is because an escrow account is used to pay for property taxes and homeowners insurance, and if these costs increase, your monthly payment will also increase to cover the higher expenses.
At what age do they not take tax's from lottery winnings?
Any age when you meet the requirement of must file a income tax return. A dependent on another individuals income tax return would be required to file a federal income tax return and pay some federal income tax if unearned income gambling winnings, interest, rent. capital gains, etc of 950 or more of income reported on the 1040 income tax return.
How much is the average monthly mortgage payment in New York State?
Your monthly mortgage payment is affected by a couple factors, starting with your down payment. A greater down payment decreases the overall sum of the loan, therefore decreasing your monthly mortgage payments. The interest rate will also affect the total of the home loan and the amount you have to pay every month. If you have a high interest rate, then you will have to pay more on the total loan and every month.
Does bad credit lead to problems with mortgages?
Bad credit can lead to problems with mortgages because a low credit score could affect your annual interest rate for a loan and cause it to become higher. It could also affect your monthly payment because bad credit will put restrictions on the down payment amount which will consequently raise your monthly payment and inevitably lead to problems with mortgages.
What happens after being discharged from a Chapter 7 and you win the lottery?
After being discharged from a Chapter 7 bankruptcy, you are generally allowed to keep any assets acquired after the discharge, including lottery winnings. However, you should be cautious, as the winnings may affect any ongoing obligations, such as child support or certain taxes. It’s also advisable to consult with a bankruptcy attorney to understand how your newfound wealth might impact any future financial decisions or potential legal considerations.
Where can one get real estate mortgages?
Mortgages are available through any financial institution. Approval for a mortgage is dependent on credit rating, income, and down payment funds. These factors will drastically affect the interest rate, length of monthly payments, and amount owed for each monthly payment.
