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FOOD AND NUTRITION SERVICES CERTIFICATION INCOME AND RESOURCES FNS 390 RESOURCES

9 Section 390 Change #02-2024 October 1, 2024 390.07 CHILD TAX CREDIT This is a tax credit for families with children that have earnings; this is not the earned income tax credit. The child tax credit allows families to claim a refundable income tax credit of up to $2,000 per child. This credit is excluded from consideration as a resource for the month of receipt and the month following receipt. EXAMPLE 1: Household applies for FNS benefits in June. The household reports that they have $4,500 in the bank which is the result of an $8,000 tax refund received in May. The household is not categorically eligible. The household provides verification that the Earned Income Credit (EIC) portion of the refund was $950, and the Child Tax Credit is $2,000. When the EIC and Child Tax Credit ($1,950) are subtracted from the remaining balance the countable resource is $2,550. The FNS household is ineligible. EXAMPLE 2: Household applies for FNS benefits in June. The household reports that they have $3,750 in the bank which is the result of an $8,000 tax refund received in May. The household is not categorically eligible. The household provides verification that the EIC portion of the refund was $950, and the Child Tax Credit was $2,000. When the EIC and Child Tax Credit ($4,250 -$1,950) are subtracted from the remaining balance the countable resource is $2,300. The FNS household is eligible. EXAMPLE 3: FNS household submits recertification in June. The household reports that they have $4,500 in the bank which is the result of an $8,000 tax refund received in April. The household is not categorically eligible. The household provides verification that the EIC portion of the refund was $655, and the Child Tax Credit was $1,000. When the EIC of ($950) is subtracted from the remaining balance the countable resource is $3,845. The Child Tax Credit is no longer exempt. The FNS household is ineligible. 390.08 CHECKING ACCOUNTS, SAVINGS ACCOUNTS, CERTIFICATES OF DEPOSIT (CD’S), STOCKS/BONDS, MUTUAL FUNDS, AND NCKIDS DEBIT CARD A. Determine if anyone in the FNS unit has any of the above. Accept the applicant’s statement, unless questionable. B. Document the name of the financial institution, the account number if known, who owns the account, and the account value. C. Subtract from the account value any money which was counted as income in the month and any penalties or fees for early withdrawal. Subtract any outstanding