Stimulus Payments to SSI Recipients Do Not Count as Income

April 9, 2009

Filed under: Social Security,Uncategorized — Tags: , , — Alexis @ 11:47 AM

But they will count as assets – after nine months.  If you receive SSI, then you know that you usually need to be concerned with two things: (1) receiving extra income in any given month, and (2) if that income is still in your name at the beginning of the next month, it’s now an asset.  

You don’t need to worry about these factors with the $250 stimulus payment that should arrive between now and the end of April.  It won’t be considered income, and it will not be considered an asset for another nine months.  As long as you spend it in the next nine months, it will not cause you to be considered “over-assets.” 

You can see my recent post on scammers trying to take advantage of the Stimulus Payments for Social Security recipients.   For further information, see the SSA’s pamphlet on the Stimulus Payment.