Thomas and Carla are adults living in the same unit and both have Cost of Living Adjustment (COLA) increases to their income, which is 5.9% for 2022, as of 10/13/2021. Robert is receiving monthly income of $759.63 in Social Security and $106.95 in VA Benefits. Marla is receiving monthly income of $876.00 in SSI, and their recertification date is 12/1/2021. What is the total income for Robert’s Social Security?
Answer: D. $10,961.39
$759.63 SS X 5.9% COLA = $44.82
$759.63 + $44.82 = $804.45 X 11 months (Jan to Nov) = $8,848.95
$759.63 (December) + $8,848.95 (Jan to Nov) = $9,608.58
$106.95 VA X 5.9% = $6.31
$106.95 + $6.31 = $113.26 X 11 months (Jan to Nov) = $1,245.86
$106.95 (December) + $1,245.86 (Jan to Nov) = $1,352.81
$9,608.47 + $1,352.81 = $10,961.39
A LIHTC household has a checking account with a six-month average balance of $875 and a current balance of $958, a certificate of deposit with a market value of $10,000 with a $500 penalty to cash it in, and a savings account with a current balance of $3,125 and a six- month average balance of $3,456. What is the total cash value of the household's assets?
Answer: A. $13,500
$10,000 CD - $500 penalty = $9,500
$9,500 CD + $875 checking average + $3,125 savings current balance = $13,500
Kari has a court order to receive $425 per month, but her ex-husband does not pay, and she has made no effort to collect. We must count the full $425 per month as income. True or false?
Remember, if there is no proof of effort to collect the amount due, you must always count the full amount awarded by the court.
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