Social Security Disability and interest bearing cd?
Question:
Am I still able to receive benefits from Social Securty Disabliity?
I have an account that receives approx $25,000 a year. I have had this for 10 years now. I receive the interest off this account each year. I have created this account when my daughter was born and it is for her future.
Answer:
My wife is disabled and on SSD and I do my own taxes with online software. In my opinion you must claim this income, interests and dividends, it should not effect your receiving SSD if you are unable to work, but you will have to pay taxes on this income and a percentage of the SSD, but not the full amount I believe. If you were on SSI they would not pay you if they knew you had $25,000 income. Contact a tax advisor to be for sure or the toll free IRS number.
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