SSI and need to start a savings account...

[Ruthie]

I am on Social Security Disabilty. I am unable to have access to more than 2,000.00 at any time. My problem is I have a group that needs to start an account to save for 15,000.00. How can I set the account up without it causing my problems with my SSI?
I have heard about getting an EIN to give the group a Tax ID number and guess we need to fill out some form from the state that will help us decide which tax form to fill out once we get more than a 100.00 in interest on the account. Is there a way for me to set the account up and do all the paperwork, deposit the money,etc without having this group effect my personal situation? Since the group has its own name(something like a fan club but not)shouldn't that prevent problems for me? I really need to do this and I am praying there is a way.
Thanks,
Ruthie

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Ruthie:
I am on Social Security Disabilty. I am unable to have access to more than 2,000.00 at any time. My problem is I have a group that needs to start an account to save for 15,000.00. How can I set the account up without it causing my problems with my SSI?
I have heard about getting an EIN to give the group a Tax ID number and guess we need to fill out some form from the state that will help us decide which tax form to fill out once we get more than a 100.00 in interest on the account. Is there a way for me to set the account up and do all the paperwork, deposit the money,etc without having this group effect my personal situation? Since the group has its own name(something like a fan club but not)shouldn't that prevent problems for me? I really need to do this and I am praying there is a way.
Thanks,
Ruthie<HR></BLOCKQUOTE>

The best bet would be to talk to a customer service person at the bank. An EIN is only for Employers. Sounds like you need just a FIN ( Federal Identification Number). First you need to decide on the type of legal entity the club will be ie. corporaiton, LLC, partnership etc before you apply for the tax ID number.

 

[Ruthie]

Thank you for answering my post. I was begining to worry no one would. I will do what you suggested. Thank you againRuthie