Public Benefits and Work Supports
Understanding Resource Limitations
If you receive Supplemental Security Income (SSI), you are likely aware of the resource limit of $2,000 for single individuals and $3,000 for married couples. While this limit significantly hampers the ability of SSI recipients to save money, there are many resources that are not counted as such by the Social Security Administration, most notably, the house you own and the property it’s on. Discover more about what resources are counted by SSA.
Assessing Your Financial Situation
Several of the Department of Labor's Disability Employment Initiative (DEI) grantees have started using the Customer Goal and Financial Situation Assessment Tool in their job centers to expose customers to the importance of money management as they explore careers. Inadequate planning for financial emergencies, such as car repairs, can put an individual's employment at risk. This tool is a user-friendly way for any manager or human resource staff member to address a sensitive topic – potential challenges to sustaining employment.
Taxes and Tax Preparation
Educating about the EITC
The Earned Income Tax Credit (EITC) remains one of the largest anti-poverty programs within the United States. If you’re not familiar with EITC, it is a benefit for working individuals who have low to moderate income. As a refundable tax credit, it can reduce the federal tax of a qualified household or individual to zero, and any unused credit is refunded. For some, this refund is the largest sum of money received all year and can be a valuable asset towards paying down debt or staying out of debt. However, less than four out of five people eligible for the EITC ever claim this credit. Our partners at the IRS have created some valuable resources and tools to help spread the word about EITC. Visit the IRS’ Partner Toolkit to learn about opportunities to market this program in your local communities
Cents and Sensibility
Cents and Sensibility is a guide to money management for people with disabilities. It was developed by the Pennsylvania Assistive Technology Foundation, in conjunction with Widener University. The guide provides a step-by-step process to help individuals organize and manage their money, such as by creating a money map. Download the free guide.
Protecting Assets for the Future
An asset is something owned by a person that has value. Assets can be used to pay bills, make purchases, meet goals and they can even be left to family or friends. Along the course of developing assets, it is necessary to learn money management skills and take action towards protecting your assets for the future. Explore free resources to help you protect your assets.
Ohio Launches First ABLE Program in U.S.
On June 1, 2016, the state of Ohio launched its STABLE Account program, becoming the first state in the country to offer ABLE accounts to qualified individuals with disabilities. The STABLE Account program is a national program, offering enrollment to individuals with disabilities both in Ohio and across the country. Ohio’s program will allow qualified individuals with disabilities to save up to $14,000 a year in their STABLE accounts without jeopardizing their eligibility for federally-funded means tested benefits, such as Social Security and Medicaid. While Ohio is currently the only program available in the U.S., several states should be launching their ABLE account programs in the near future, including Nebraska, Florida, Utah and Tennessee. Learn more about STABLE Accounts and other anticipated ABLE programs by visiting the ABLE National Resource Center website.
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