TCS Income Calculation and Verification 2

Question 1

Assets valued at $5,000 or less are subject to which income calculation method?

Accepted Answer

Only actual income earned is counted

Answer

Imputed income at the passbook rate is counted

Answer

No asset income is counted

Answer

A flat $100 is counted per asset

Question 2

When household assets exceed $5,000, the income counted must be the:

Accepted Answer

Greater of actual or imputed income

Answer

Actual income only

Answer

Imputed income only

Answer

Lesser of actual or imputed income

Question 3

Which of the following is considered an asset under LIHTC income calculation rules?

Accepted Answer

Equity in a mobile home used as a primary residence

Answer

Personal property such as furniture

Answer

Retirement accounts that cannot be accessed

Answer

Interests in a business

Question 4

A household member quits a full-time job before move-in. How should this income be treated?

Accepted Answer

It is included as imputed income if the person voluntarily reduced income

Answer

It is excluded since they no longer work

Answer

It is included because assets can replace wages

Answer

It is included only if there is a signed separation agreement

Question 5

Overtime and seasonal income should be projected based on:

Accepted Answer

Historical averages provided by the employer or documented by the employee

Answer

Only current pay period earnings

Answer

The federal minimum wage as a baseline

Answer

The state-required maximum projection

Question 6

Which household income must be included when a 16-year-old member works part-time?

Accepted Answer

It is included in full because all household members' income counts

Answer

It is excluded if they are a student

Answer

It is excluded if the parent is the head of household

Answer

Only 50% of the income counts