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The couple I am asking about earns $33,000 a year. Part of

The couple I am asking...
The couple I am asking about earns $33,000 a year. Part of their income is not claimed on their taxes as their accountant shares that a compensation structured annuity is not taxable income. What I need to share with them is whether they need to put this income down when filing for food stamps. It may make or break their eligibility so that income is very important. The annuity gives them an additional $17,000 a year.

Thoughts?
Helen
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Answered in 41 minutes by:
10/7/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,886
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
Food stamp programs are state specific and while many share the same requirements, I would need to know the specific state to check on their income rules.

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Customer reply replied 4 years ago

Dutchess County in New York. I was wondering why we hadn't heard back and didn't see this question. My apologies. Helen

 

Customer reply replied 4 years ago

I replied regarding location. Are you still working on this question? Helen

Customer reply replied 4 years ago

I have responded to the question asked and have not heard anything further. Do I need to start over? Helen


 

Customer reply replied 4 years ago

The couple I am asking about earns $33,000 a year. Part of their income is not claimed on their taxes as their accountant shares that a compensation structured annuity is not taxable income. What I need to share with them is whether they need to put this income down when filing for food stamps. It may make or break their eligibility so that income is very important. The annuity gives them an additional $17,000 a year.

Thoughts?
Helen


 


I replied to you that the couple lives in Dutchess County, New York. I have not received a response in 2 hours.

Thank you for staying with your question. I apologize for the inconvenience but your question was accidently moved to another category and I was blocked from responding till I could get your question moved back.

Although NY looks to many items for income when looking at food stamp benefits. Household's assets (stocks, savings and retirement accounts, etc.) are not considered when determining eligibility. You may still be asked to provide information regarding such resources but they are not a disqualifier.

"Income" means your household's total gross monthly income before taxes and withholdings are subtracted. Benefits from other assistance programs such as Unemployment Insurance Benefits, public assistance payments, Social Security or SSI benefits count as income. Certain household expenses, such as monthly Child Support payments paid by a member of your household for a child who does not live with you, can be deducted from your household's gross income.
NY has a hotline set up for questions, about SNAP benefits, you may call the Office of Temporary and Disability Services toll-free hotline at 1-800-342-3009 and press “1” for SNAP
Robin D.
Robin D., Senior Tax Advisor 4
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