





The government is giving people a stimulus payment of $1,200. They can spend it any way they want. The stimulus payment will not be considered income by the Social Security Administration. The stimulus payment is meant to help our country’s struggling businesses and people during the COVID-19 pandemic. If people are already getting monthly Social Security benefits, they will get the stimulus payment the same way. Many people have already received their stimulus payments.
Beware of scams! The IRS will not call or email you about the stimulus payment. Do not share personal information on the phone or over email.
Not for 12 months. After one year, whatever is left will count toward your $2,000 SSI limit, if you leave it in a regular account. If you save it in an ABLE account, the rules of ABLE programs apply, and it won't count towards your $2000 asset limit, unless your overall account value exceeds $100,000.
People who help you with your money need to be sure they do not put their needs or wishes ahead of yours. That includes when they help you with decisions about the stimulus payment. They should talk with you about your options, your needs, and your wishes. Some people may choose to save some of the money for later. An ABLE account is a way to save and still protect your benefits. A good place to start is to contact the Maryland ABLE customer support: 1-855-563-2253.
No. The stimulus payment is not a payment from Social Security. You do not have to follow Social Security rules when you spend it. Your stimulus payment can be used in any way you choose. You can use your payment right now. You have up to 12 months to spend it without affecting your SSI benefits. You can save all or part of it in an ABLE account to give you more time to spend it while keeping your benefits. Once deposited into an ABLE account, the stimulus money would be subject to the rules applicable to ABLE accounts (for example, used for qualified disability expenses in order for earnings on the money to be tax free.)
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