Question

Nontaxable Interest

Forum|Forum|3 years ago
February 13, 2023
1 reply
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What is considered nontaxable interest in regard to figuring "combined" income for SSI?

SSI considers “income” anything a person receives that can be used for food or shelter. Income includes but isn’t limited to cash, checks, and “gift” items received, such as food and shelter. Nontaxable interest is interest paid on government obligations (bonds). Taxable status can vary based on whether it's a federal or state obligation. For federal tax purposes, interest paid by state and local government and agencies are not taxable. For SSI, "Interest and dividends earned on other resources, in many cases." according to the SSA.

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