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Sometimes called a “budget letter” or proof of income letter, the benefit verification statement from Social Security is used for several different instances where proof of your status or...
Your Social Security statement may go by other names, such as “budget letter,” “benefits letter,” “proof of income letter” or “proof of award letter.”
Verification of Income and Employment (VOIE) is a process [1] used by banks and mortgage lenders in the United States to review the employment history of a borrower, [2] to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003).
A proof of funds letter, or POF letter, proves you have the funds to buy a home. You might need one whether you’re getting a mortgage or paying for the property with cash.
A company, employer, or party which has paid income (or, in a few cases, proceeds that may ultimately be determined not to be income) to a taxpayer is required to file the applicable information return directly with the IRS. A copy of the information return is also sent directly to the payee.
In this way, the IRS uses Form W-2 as a way to track an employee's tax liability, and the form has come to be seen as a formal proof of income. The Social Security Administration, court proceedings, and applications for federal financial aid for college all use Form W-2 as proof of income.
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