Quote:
Originally Posted by virginia neill
SSI and dissability do want to know everything. There is a confusing trust in my family. I disclose all, and ahead of time in case there is any thing for them to ask me. I could not close an account because of severe penilties, so had to wait until Nov when I can do this transaction. I tell them everything, and make copies of the letter I write. I need my benefits, and would jump through just about any hoop. Ginnie
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Well, that account leaves a paper trail. The interest generates a 1099 every year whether or not you access the funds. The IRS reports all of this to SSI. You may think you are hiding it, but SSI will probably find out and you may be asked to pay back every penny SSI has paid you since you filed your claim if this account has been over the $2000 limit. You can end up with an overpayment that exceeds the value of of the fund. And since this is willfull withholding of information, it is doubtful you can be found to be without fault in connection with the overpayment. It is even possible that you could be referred for fraud and face sanctions. Neither happen very often, but the policy and procedures are available if SSI chooses to use them.
But you are willing to jump through hoops...