Supplemental Security Income (SSI) is a crucial resource for many, but understanding its tax implications can be confusing. Is Supplemental Security Income Taxable? At income-partners.net, we clarify this and explore how strategic partnerships can boost your overall financial well-being. Learn how to navigate SSI and discover opportunities for sustainable income growth through collaboration. Maximize your financial potential today!
1. What is Supplemental Security Income (SSI)?
Supplemental Security Income (SSI) is a needs-based program, so it is vital to understand the fundamentals of SSI. SSI provides financial assistance to individuals with limited income and resources who are either age 65 or older, blind, or disabled. Unlike Social Security benefits, SSI is not based on prior work history or contributions.
1.1 Eligibility Criteria for SSI
To qualify for SSI, an individual must meet specific criteria related to age, disability, income, and resources. Key requirements include:
- Age: Must be age 65 or older, or blind or disabled at any age.
- Disability: For those under 65, the disability must be severe enough to prevent them from performing substantial gainful activity (SGA).
- Income and Resources: Must have limited income and resources. The specific limits vary but are generally quite low. As of 2024, the resource limit for an individual is $2,000, and for a couple, it is $3,000.
- Citizenship: Must be a U.S. citizen, national, or a qualified alien.
- Residency: Must reside in one of the 50 states, the District of Columbia, or the Northern Mariana Islands.
