I realize you have a question about social security. My goal is to help you better understand your options.
IF your son invests in this clothing line business, his ownership interest in the company would be a countable resource for purposes of calculating SSI and determining eligibility.
So, if his ownership interest is greater than $2,000 that would make him ineligible for benefits
Your son can spend the money on uncountable resources, such as personal belongings (clothing, music, appliances, etc) or one car or on a house.
He wants to invest $300. The clothing line is not making any profits at this time and probably won't for awhile.
If his investment is only $300 then that would be fine
Then, once he does start getting profits from the business then it will be counted as income
How much does he have to earn (profits from the business) before he can no longer be eligible for SSI?
His first $65 is not counted, and then 1/2 of his earnings would not count. So he could earn $1,485 before the benefit is completely gone
How much profit can he get before he is ineligible for SSI?
The first $65 he earns is not counted towards his limit. Then, you will deduct 1/2 of what he earns from his benefit
How much can he make (profits from the business) per month and still be eligible for SSI?
$65 before his earnings start to go against his benefit
once he earns $1,485 then there is no benefit left
Do you have any questions about this?
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