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INCOME TYPE DESCRIPTION

E-30022 Division of Welfare and Supportive Services TYPES OF EARNED AND UNEARNED INCOME Medical Assistance Manual 14 Mar 01 MTL 14/01 INTEREST/DIVIDENDS

1. Unearned

2. Counted in Financial

(Conditional)

3. Counted in Patient Liability

(Conditional)

4. Taxable Accrued interest and dividend payments are excluded in financial eligibility when posted quarterly, semi-annually or annually from a single source. For example: Insurance is one source; banking is one source; burial is one source; bonds are one source; Reparation payments are one source. Interest is counted as income for patient liability when the amount posted is $5 or more in any month.

Interest and dividends paid monthly are counted in financial eligibility and patient liability.

MAGI: Include any tax exempt interest received in assistance unit income.

Verification: (not all inclusive)

- Current bank statement - Computer printout from bank - Written statement from the bank IRA WITHDRAW/DISTRIBUTION

1. Unearned

2. Counted in Financial

3. Counted in Patient Liability

4. Taxable (Conditional) Individuals can receive one time or scheduled distributions from their IRA account. If an early withdrawal is taken, reduce the gross amount by any penalty paid.

MAABD – Evaluate the IRA account as an available resource prior to the income determination.

Distributions from a regular IRA account are taxable.

Distributions from a ROTH IRA are non-taxable income.

JOB CORP

1. Earned

2. Counted in Financial

3. Counted in Patient Liability

4. Taxable Paid from the Economic Opportunity Act.

Verification: (not all inclusive)

- Copy of check or award letter