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SNAP CERTIFICATION MANUAL – SECTION 4000 3B4400 Excluded Resources

13B4430 Property Related To the Use of Excluded Vehicles

Retirement Plan of Account Type What is it? Authorized Under Individual Retirement Account (IRA) Vehicle for tax-deferred retirement saving controlled by individuals rather than employers. Many IRAs were previously employer-based accounts that individuals converted into an IRA treatment. Section 408 of the Internal Revenue Code Keogh Plan Informal term for retirement plan available to self-employed people. Section 401(a) of the Internal Revenue Code Pension or traditional defined-benefit plan Employer-based retirement plan that promises a certain benefit upon retirement, regardless of investment performance. Section 401(a) of the Internal Revenue Code Profit Sharing Plan Employer-based defined-contribution plan under which employer contributions may (but need not) be linked to profits. May provide 401(k) accounts. Section 401(a) of the Internal Revenue Code Roth IRA Similar to an IRA but with different income limits and tax treatment. Section 408(A) of the Internal Revenue Code SIMPLE 401(k) 401(k)-type plan available only to small businesses. Section 401(a) of the Internal Revenue Code SIMPLE IRA Employer-based IRA available only to small business. Section 408 of the Internal Revenue Code Simplified Employer Plan Employer-sponsored plan available only to small businesses; allows employers to contribute to employee accounts that essentially function as IRAs. Section 408 of the Internal Revenue Code

4430 Property Related To the Use of Excluded Vehicles SNAP Manual 07/01/01 Real or personal property that is directly related to the maintenance or use of a vehicle will be excluded as a resource if that vehicle is excluded as a resource because it is: 1. Annually producing income consistent with its fair market value; or 2. Used primarily (over 50 percent of the time that the vehicle is used) for income producing purposes such as, but not limited to taxis, trucks, or fishing boats; or 3. Used to transport an individual with disabilities household member.