H Budgeting IDA Deposits
An Individual Development Account (IDA) is an interest bearing savings account that allows eligible CA participants to save money for any of the following:
●Education
●First Home Purchase
●Training
●Business Capitalization
50% of earned or self-employment income, up to a maximum of $100, deposited into an IDA per month is not countable. Subtract the allowable IDA deposit from the gross income. The remaining amount is countable.
Interest earned by an IDA, when the interest remains in the
account, is NOT countable.
Any unearned or educational income deposited into an IDA
account is countable.
Project IDA deposits based on the previous history and the
participant's statement of anticipated deposits as follows:
●Subtract the allowable IDA deposit (the portion that is not countable) from the gross income.
●Key the remaining gross income using the applicable Income Code.
●Key the IDA deposit on the appropriate income screen, using the IX Income Code as follows:
On EAIN when the income is from earned income.
On SEEI when the income is from self-employment.
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An overpayment exists for any month in which excess CA benefits are paid due to incorrect anticipation of IDA deposits of earned income. |