Correct SSA Gross Benefit Amount

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Correct SSA Gross Benefit Amount

Postby ghaney » Mon Oct 30, 2017 12:25 pm

Q: When an SSA benefit is being used to determine income eligibility, and there are no deductions to the gross amount, the gross amount is typically rounded to the lowest dollar amount. Which is the correct gross amount - the unrounded or rounded amount?
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Re: Correct SSA Gross Benefit Amount

Postby charteroakadmin » Mon Oct 30, 2017 1:49 pm

A: Social Security payments are rounded down to the nearest dollar. You are required to include 75% of the gross amount of Social Security retirement benefits before any deductions in your income eligibility calculations per TEGL 12-06. The gross amount is referred to as the “full monthly Social Security benefit before any deductions” on benefits verification letters. You should use this amount and always round down to the nearest dollar.
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