Iowa Admin. Code r. 441-65.30 - Resources
(1)
Jointly held resources. When property is jointly held it shall
be assumed that each person owns an equal share unless the intent of the
persons holding the property can be otherwise established.
(2)
Resource limit. The
resource limits follow federal regulations at
7 CFR
273.8(b) as amended to May
2, 2022, and are adjusted for inflation annually as directed by the Food and
Nutrition Service of the U.S. Department of Agriculture.
(3)
Resources of SSI and FIP
household members. Notwithstanding anything to the contrary in these
rules or in federal regulations, all resources of SSI or FIP recipients are
excluded. For SNAP purposes, those members' resources, if identified, cannot be
included when a household's total resources are calculated.
(4)
Earned income tax
credits. Notwithstanding anything to the contrary in these rules or in
federal regulations, earned income tax credits (EITC) shall be excluded from
consideration as a resource for 12 months from the date of receipt if:
a. The person receiving the EITC was
participating in SNAP at the time the credits were received; and
b. The person participated in the program
continuously during the 12-month period.
(5)
Student income. Exclude
from resources any income excluded by subrule 65.29(5).
(6)
Motor vehicles. One
motor vehicle per household shall be excluded without regard to its value. The
value of remaining motor vehicles shall be determined using federal regulations
at
7 CFR
273.8 as amended to May 2, 2022.
(7)
Retirement accounts.
Exclude from resources the value of:
a. Any
funds in a 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 of
1986.
b. Any funds in a Federal
Thrift Savings Plan account as provided in Section 8439 of Title 5, United
States Code.
c. Any retirement
program or account included in any successor or similar provision that may be
enacted and determined to be exempt from tax under the Internal Revenue Code of
1986.
d. Any other retirement
plans, contracts, or accounts determined to be exempt by the Secretary of the
U.S. Department of Agriculture.
(8)
Education accounts.
Exclude from resources the value of:
a. Any
funds in a qualified tuition program described in Section 529 of the Internal
Revenue Code of 1986 or in a Coverdell Education Savings Account under Section
530 of the Internal Revenue Code.
b. Any other education plans, contracts or
accounts determined to be exempt by the Secretary of the U.S. Department of
Agriculture.
Notes
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