prize affect my Social security benefits and what do I need to know about filing a tax return on these winnings?
Social Security Lawyers
Whether it affects your social security depends what type of social security you are receiving. If you are getting SSI then yes. Otherwise no.
Actual legal advice can only be provided by an attorney licensed in your jurisdiction, with experience in the area of law regarding your question. The information provided is for informational purposes only and is not legal advice.
2 lawyers agree
You will need to report the winnings as income. It is likely some of the money has or will be withheld from the winnings for the anticipated taxes. Whether this will affect your social security and medicare benefits depends on your exact situation. You should personally consult with an elder law attorney for advice specific to your situation.
I am licensed in California only and my answers on Avvo assume California law. Answers provided by me are for general information only. They are not legal advice. Answers must not be relied upon. Legal advice must be based on the interplay between specific exact facts and the law. This forum does not allow for the discussion of that interplay. My answer to any specific question would likely be different if that interplay were explored during an attorney-client relationship. I provide legal advice during the course of an attorney-client relationship only. The exchange of information through this forum does not establish such a relationship. That relationship is established only by personal and direct consultation with me followed by the execution of a written attorney-client agreement signed by each of us. The communications on this website are not privileged or confidential and I assume no duty to anyone by my participation on Avvo or because I have answered or commented on a question. All legal proceedings involve deadlines and time limiting statutes. So that legal rights are not lost for failure to timely take appropriate action and because I do not provide legal advice in answer to any question, if you are an interested party you should promptly and personally consult with an attorney for legal advice. Also, see Avvo's terms and conditions of use, specifically item 9, incorporated by this reference
4 lawyers agree
Social Security Lawyers
Social Security and Supplemental Security Income (SSI) are two different things. Many confuse the two due to the name similarity and because both programs are managed by the Social Security Administration. Social Security and Medicare are insurance programs (unlike SSI and Medicaid which are means-tested welfare programs). You can be a millionaire and receive the full Social Security and Medicare benefits for which your premiums have paid.
For tax reporting advice, you should consult with a tax accountant or IRS enrolled agent.
Best wishes for a favorable outcome, and please remember to designate a best answer.
This answer is offered as a public service for general information only and may not be relied upon as legal advice.
5 lawyers agree