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  1. #1
    Join Date
    Oct 2017
    Posts
    2

    Default Will a Bonus for Opening a New Bank Account Affect SSI Eligibility

    I recently got a couple of new bank accounts as they were offering bonuses to new customers, i found out that these bonus are considered interest and are taxable. The banks will send 1099 to the IRS.
    I assume i will have to report this when i file, will it affect my SSI?

  2. #2
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Bank Bonus Affect SSI

    Quote Quoting xboxhaxorz
    View Post
    I recently got a couple of new bank accounts as they were offering bonuses to new customers, i found out that these bonus are considered interest and are taxable. The banks will send 1099 to the IRS.
    I assume i will have to report this when i file, will it affect my SSI?
    How much money are we talking about?

  3. #3
    Join Date
    Jun 2014
    Posts
    3,212

    Default Re: Bank Bonus Affect SSI

    Unearned income over $20 a month will be deducted from your monthly SSI dollar for dollar for the months you received it in. You will have to repay SSA for overpayments.

  4. #4
    Join Date
    Oct 2017
    Posts
    2

    Default Re: Bank Bonus Affect SSI

    Did about 6 banks and got anwhere from $200 to $400 each

  5. #5
    Join Date
    Jun 2014
    Posts
    3,212

    Default Re: Bank Bonus Affect SSI

    Quote Quoting xboxhaxorz
    View Post
    Did about 6 banks and got anwhere from $200 to $400 each

    You need to report it to SSA ASAP. You will have to reimburse SSA for the overpayments.

  6. #6
    Join Date
    Aug 2017
    Posts
    5

    Default Re: Will a Bonus for Opening a New Bank Account Affect SSI Eligibility

    How did you manage that? Usually the bonuses require a person to set up direct deposit with the bank and have at least a certain amount of money deposited within the next few months.

  7. #7
    Join Date
    Jan 2009
    Location
    California
    Posts
    1,045

    Default Re: Will a Bonus for Opening a New Bank Account Affect SSI Eligibility

    https://secure.ssa.gov/apps10/poms.nsf/lnx/0500830500#a Print this section.

    It is excluded interest income becaue it is paid on a countable resource if the bank account balance is under $2000.

    However, it will probably generate an alert to your local office after the 1099 is issued in January of the next year so you may be asked about it, even if you report it when you get it.

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