S-8 wants IRA info! why?
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S-8 wants IRA info! why? (by Laker Lori [CA]) Nov 20, 2023 12:28 PM
       S-8 wants IRA info! why? (by razorback_tim [AR]) Nov 20, 2023 12:46 PM
       S-8 wants IRA info! why? (by plenty [MO]) Nov 20, 2023 12:47 PM
       S-8 wants IRA info! why? (by mapleaf18 [NY]) Nov 20, 2023 1:54 PM
       S-8 wants IRA info! why? (by plenty [MO]) Nov 20, 2023 2:38 PM
       S-8 wants IRA info! why? (by WMH [NC]) Nov 20, 2023 2:55 PM
       S-8 wants IRA info! why? (by MAT [PA]) Nov 20, 2023 3:01 PM
       S-8 wants IRA info! why? (by MAT [PA]) Nov 20, 2023 3:06 PM
       S-8 wants IRA info! why? (by Ray-N-Pa [PA]) Nov 20, 2023 7:33 PM
       S-8 wants IRA info! why? (by BRAD 20,000 [IN]) Nov 21, 2023 1:08 AM
       S-8 wants IRA info! why? (by Ken [NY]) Nov 21, 2023 9:48 AM
       S-8 wants IRA info! why? (by zero [IN]) Nov 22, 2023 7:06 AM

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S-8 wants IRA info! why? (by Laker Lori [CA]) Posted on: Nov 20, 2023 12:28 PM
Message:

My mom is on S-8 Housing. For recertification they are wanting her to sign a Statement of Facts letter stating whether her IRA can be

withdrawn from. They never asked before, but she is now 70 & only has 26k. She thinks she gets actual monthly distributions w/ out

hardship (or need to repay) at 72, but isn't planning on w/drawing as long as possible. She is willing to move/change the accnt. WHY are they asking about this? If she can w/draw are they going to say: you can use that to pay your rent & don't need S-8? But what if she has no intention of drawing on the funds for as long as she can hold out? Is this similar? I was curious about this city 0% home improvement loan but looked into it. They said that because I have rentals I had no chance of qualifying because I could just sell to get funds for home improvement. I was annoyed because I am not selling right now & shouldn't have to be rental free in order to qualify. Is this similar thinking? What's going on here? What should my mom do? Change/move the accnt? Thoughts?

--54.81.xxx.xxx




S-8 wants IRA info! why? (by razorback_tim [AR]) Posted on: Nov 20, 2023 12:46 PM
Message:

I would expect section 8 to consider not only income, but assets as well in determining eligibility. It seems like a reasonable request.

If someone had $5 million or more in an IRA that they could withdraw, would you think it fair for them to qualify for taxpayer-funded housing? I wouldn't. --98.174.xxx.xxx




S-8 wants IRA info! why? (by plenty [MO]) Posted on: Nov 20, 2023 12:47 PM
Message:

Mom should provide the information and follow the rules of the government. --172.59.xxx.xxx




S-8 wants IRA info! why? (by mapleaf18 [NY]) Posted on: Nov 20, 2023 1:54 PM
Message:

The USA has a spending problem. They only see fit to provide for the lowest of the low (not counting under the table/illegal narcotic money, of course).

Obamacare premiums "aka the UNaffordable Care Act/Metal Plan Marketplace" skyrocketed for 2024.

Welcome to the brave new world order. --64.246.xxx.xxx




S-8 wants IRA info! why? (by plenty [MO]) Posted on: Nov 20, 2023 2:38 PM
Message:

Mom owns asset. Must disclose. I wouldn't be surprised if they ask for all the rent they have paid going back to the date of this IRA. Just saying. One can't hide money. --172.59.xxx.xxx




S-8 wants IRA info! why? (by WMH [NC]) Posted on: Nov 20, 2023 2:55 PM
Message:

You can start withdrawing from an IRA at age 59.5. Yes you have to pay taxes on the withdrawal (unless it's a ROTH) but there are no penalties.

She should have had to withdraw that to zero before she qualified for Section 8. Why should taxpayers pick up her housing tab if she has assets???? --108.4.xx.xxx




S-8 wants IRA info! why? (by MAT [PA]) Posted on: Nov 20, 2023 3:01 PM
Message:

I don’t think it has to be zero before she’ll qualify. but they will use it to determine how much she has to pay. My mom had an IRA for about $40k and she still qualified. It all went into the calculation of how much she could afford, though. Now if it was Medicaid or SNAP, then I’d say yes, she has to drain most of it before those benefits will kick in. --166.196.xxx.xx




S-8 wants IRA info! why? (by MAT [PA]) Posted on: Nov 20, 2023 3:06 PM
Message:

I should clarify: my mom’s was subsidized housing for the elderly, not section 8. --166.196.xxx.xx




S-8 wants IRA info! why? (by Ray-N-Pa [PA]) Posted on: Nov 20, 2023 7:33 PM
Message:

I believe they are expected to pay 30% of their income towards rent. So they are wanting to know what here income will be --24.101.xxx.xxx




S-8 wants IRA info! why? (by BRAD 20,000 [IN]) Posted on: Nov 21, 2023 1:08 AM
Message:

Lori,

Perhaps what she meant about payout… at age 73 she must withdraw RMD Required Minimum Distribution and pay tax on that money as income.

BRAD --73.103.xxx.xxx




S-8 wants IRA info! why? (by Ken [NY]) Posted on: Nov 21, 2023 9:48 AM
Message:

your mom has the ability to pay her rent,why should the rest of us pay her rent when she can pay it herself? --73.177.xxx.xx




S-8 wants IRA info! why? (by zero [IN]) Posted on: Nov 22, 2023 7:06 AM
Message:

Ken, I concur whole heartedly. --107.147.xx.xxx



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