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Iowa LIHEAP Policy and Procedures Manual Appendix C – Income Source Guide

Effective 09/01/2023

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be used for short-term savings or long-term investing, whatever best meets the needs of the account owner.

Iowa’s ABLE savings plan is not considered income and should not be counted as savings, even if there is over $50,000 in the account. Income Earned by HH Members under the age of 18 Earned income of individuals under 18 still in high school, employed part- time, is exempt from verification, unless the individual is emancipated, and applying as head of household.

Earned income of individuals under 18 who are not in school but work full-time is NOT included as income, unless the individual is emancipated and applying as head of household.

X

In-Kind Income Income in kind, or in-kind income, is income other than money income. It includes many employee benefits and government-provided goods and services, such as toll-free roads, food stamps, public schooling, or socialized medicine.

X Interest (Bonds) Owning a bond is essentially like possessing a stream of future cash payments. Those cash payments are usually made in the form of periodic interest payments and the return of principal when the bond matures.

X

Interest Bearing Accounts With an interest-bearing account, the owner of the account is paid interest on the money in the account.

X

Internship The position of a student or trainee who works in an organization, sometimes without pay, in order to gain work experience or satisfy requirements for a qualification.

X