Effective Dates: 03/19/2024 - Present Previous | Next

TN 80 (03-24)

SI 00810.130 Income Derived from Joint Financial Accounts

20 CFR 416.1612, 20 CFR 416.1124, CFR 416.1161, P.L. 108-203

A. Introduction

This section explains how to charge income in different situations involving the joint financial account of an SSI recipient/claimant and/or deemor.

Subsequent references in this section to an “SSI recipient” also include an SSI claimant and individuals whose income and/or resources are subject to deeming.

When an SSI recipient has a joint financial account with another individual, or individuals, deposits made to the account by other account holders to the account are income to the SSI recipient. See SI 00810.130B.2. for exceptions.

 

See SI 01120.210, SI 01140.200 and SI 01140.205 for resource determinations involving financial accounts.

B. Operating policies

1. General

  1. a. 

    When a joint financial account is held by an SSI recipient and an ineligible individual who is not a deemor, income to the SSI recipient includes the full amount of any deposit made by a third party or by the ineligible financial account holder unless the SSI recipient is acting as an agent. See SI 00810.120D.1.

  2. b. 

    When two or more SSI recipients are joint account holders, deposits made by one individual are not income to the other.

  3. c. 

    Section 430 of P.L. 108-203, the Social Security Protection Act of 2004, provides that interest earned on resources not excluded under section 1613(a) of the Social Security Act or excluded under Federal law other than section 1613(a) is excluded from income for SSI benefits payable on or after July 1, 2004. See Social Security Act 1612(b)(23) and SI 00830.500C. In the unusual situation where you have reason to believe that a resource is excluded under section 1613(a) of the Social Security Act and is not excluded under Federal law other than section 1613(a), develop for possible income counting of the interest on the resource.

2. Rebuttal situations

  1. a. 

    If an SSI recipient successfully rebuts ownership of a portion of funds in a joint account, deposits made by the other account holder are not income to the SSI recipient. For more information on the rebutting of ownership assumption, see SI 01140.205D.

  2. b. 

    If an SSI recipient successfully rebuts ownership of all the funds held in a joint financial account, deposits by the other account holders to the account are not income to the recipient.

C. References

GN 02402.050 Account Titles

GN 00603.020 Collective Checking and Savings Accounts Managed by Representative Payees

To Link to this section - Use this URL:
http://policy.ssa.gov/poms.nsf/lnx/0500810130
SI 00810.130 - Income Derived from Joint Financial Accounts - 03/19/2024
Batch run: 03/19/2024
Rev:03/19/2024