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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16547
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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We are fill out the Internet Representative Report Accounting

This answer was rated:

We are fill out the Internet Representative Report Accounting form for our daughter who is 14 years old. She is receiving a monthly benefit because my wife is receiving SSDI because of total disability.

The form is asking how much money we have saved for my daughter.

Are we required to save money for our daughter?

MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

How are you tonight?

MyVirtualCPA :

To answer your question, no - you do not have to save money for your child.

MyVirtualCPA :

This is not a requirement.

MyVirtualCPA :

The requirement is that the funds are to be used for her benefit, and if they aren't used on current expenses then you can put it aside for later use

MyVirtualCPA :

There is nothing to worry about if you use all this money for your child

MyVirtualCPA :

Is there anything else I can assist you with?

MyVirtualCPA :

If not, please rate as "excellent" so that I may receive credit for assisting you today

Customer:

The benefit the we receive for our child goes into a common account that is used for all family expenses. Do we just answer we saved "0"?

MyVirtualCPA :

Yes, you can answer that you saved 0

MyVirtualCPA :

Chances are very good you spent more on your child between their portion of the housing expenses and food than you get every month

Customer:

Great! Thank you!

Megan C and other Social Security Specialists are ready to help you
Thank you so much, Steve for your positive rating. It is truly appreciated. Please come back and visit MyVirtualCPA any time you have a tax, finance, or social security question that needs answered. I also appreciate the generous bonus.

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