I’m collecting Soc. Sec. Dis. But entered a contest to win a kitchen makeover thinking the prize was an actual remodel but found out its actually $250,000.00 cash to use to do a kitchen. Will winning effect my Soc. Sec. as just a single person vs. opening a Family trust with my children.? I would use some on a kitchen & give some to my son & daughter for house down payments for houses. Help?
Hi,
Congratulations, that should be quite a kitchen.
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Gambling Winnings And Social Security
Ssi And Casino Winnings
As long as you are receiving Social Security disability benefits (SSDI) and not Supplemental Security Income (SSI), winning any amount of money wouldn't affect your benefits other than possibly increasing the amount of your benefits that are subject to income taxes (https://www.ssa.gov/planners/taxes.html).
When Do Casinos Report Winnings
Best, Jerry