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Page | 169 independent from the attached checking or banking account, it is important to consider these accounts as a resource. Also, similar to money in a checking or savings account, the money housed in these account is not counted as income and as a resource in the same month. 4. Savings certificates 5. Stocks or bonds 6. Nonrecurring lump-sum payments  Money received in the form of a nonrecurring lump sum payment, including but not limited to, rebates, or credits; retroactive lump sum Social Security, SSI, public assistance, railroad retirement or other payment; retroactive lump sum insurance settlements; and refunds of security deposits on rental property or utilities are considered as resources in the month received, unless specifically excluded from consideration as a resource by other Federal laws. 7. Cryptocurrencies such as Bitcoins, Ethereum, Litecoin, and other blockchain-based assets  The value of digital currencies should be determined at the time the household is interviewed.  If the virtual currency is listed on an exchange the value should be determined by converting the currency into USD currency using the exchange rate listed on the exchange the currency is stored in.  If the digital currency is not held on an exchange the Benefit’s Specialist should use the most reasonable rate of exchange and document the website URL that was used and the exact exchange rate at the time of interview, the amount of digital currency the household owns, and a screen shot of the exchange site the customer is using.

Exclude the following from liquid resources: 1. Current month’s income deposited into a checking or savings account. 2. If a check has been written and sent to the payee, even it has not yet been cashed; the money is not available for other purposes and is deducted from the account balance before the balance is shown as a resource. 3. Any funds held in a retirement plan, contract, or account, described in Sections 401(a), 403(a), 403(b), 408, 408A, 457(b), and 501(c)18 of the Internal Revenue Code and the value of funds in a Federal Thrift Savings Plan as provided in Section 8439 of Title 5, US Code. This includes retirement funds in Individual Retirement Accounts (IRA), Roth, and 401(k) plans. (See chart in section 9400 C below) 4. Any funds held in a qualified tuition program described in Section 529 or 530 of the Internal Revenue Code.

Income Tax Refunds: Income tax refunds have separate federal exclusion requirements and must not be counted as a resource for 12 months after receipt.

Before denying or terminating a household’s benefits due to excess resources, the Benefits Specialist must ask the household if they received an income tax refund in the last 12 months.  If yes, then the amount of the refund should be subtracted from their total resources (liquid or non-liquid), and the adjusted amount is the countable resource amount entered in ACCESS. Document the reason for the adjustment in the case file. Verification of the refund amount is not required unless it is questionable.

Note: It doesn’t matter if the household kept the tax refund or spent it, the amount must be deducted before determining countable resources.