When Form 8865 Assets 2024

Hi there, this is Jonathan Ginsberg from Ginsberg Law Offices. Today, I want to talk to you about assets and income if you've been approved for Social Security disability. First, I want to discuss SSDI. I often receive the question of what happens if someone is approved for SSDI and they need to inherit some money or if they can own property or a car. Additionally, what about non-employment income, such as rental income or a pension? Well, in an SSDI case, there are no limitations on assets or non-employment income. You can receive non-employment income, such as rental income, without any issues. This is because SSDI is not a welfare program; you have paid into the system. Therefore, your assets and non-employment income don't make a significant difference. However, it's important to note that if you have non-employment income reported as something that you pay Social Security taxes on, it will be added to your earnings record. This might trigger a review, so it's essential to continue seeing your doctor and be prepared for a potential review. SSI, on the other hand, is a major problem when it comes to earnings and assets. SSI is a welfare program, and any earnings or assets beyond a certain amount are subject to the deeming rules. For 2013, the household earnings limit for an individual is $710, and for a married couple, it's around $1,066. You can have a maximum of $2,000 in cash per individual and $3,000 per married couple. However, you're allowed to possess a house, car, household goods, and a burial plot. Anything exceeding these limitations will lead to Social Security offsetting your SSI benefit either dollar for dollar or fifty cents on the dollar. If you receive SSI and plan to get married, it's important to consider the impact on your...