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TANF POLICY MANUAL

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2. Illegal non-citizen C. Sanctioned individuals

6.6 Treatment of Liquid Resources The following chart describes types of liquid resources and how they are treated. Type Counted Special Treatment Bank/financial accounts Y Exclude current month’s income. (See Jointly Owned Resources 6.11) Burial insurance (cash value) N

Cash Y Exclude current month’s income.

Cash from sale of real property Y If property has been excluded, cash received is excluded in month of sale; money remaining the month following sale is counted as a resource. Cash received from estate settlements Y

Child Tax Credit Payment N NOTE: Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit that an individual may properly claim on his/her 2021 tax return during the 2022 tax filing season. Payments are excluded as resources for a period of 12 months from receipt date. Deferred compensation pension funds N Exclude until the employee withdraws funds.

Earned Income Credit (EIC) or Earned Income Tax Credit (EITC) N Exclude EIC/EITC payments as resources.

NOTE: Rebates or advance payment of tax credits such as the Cares Act payments of 2020 are excluded as resources for a period of 12 months from receipt date.

Federal/State Income Tax Refunds N Exclude as income and resources permanently, effective January 2012

Individual Development Account (IDA) N A savings account owned by a recipient and designated by the recipient as an IDA which has a value of $10,000 or less is excluded.

A savings account owned prior to application, with a value of $2500 or less may be converted to an IDA.