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If my income fell between the income guidelines when I first applied but now my income has gone above the income guidelines. Does that mean I wont be able to rent one of these apartments?
If my income fell between the income guidelines when I first applied but now my income has gone above the income guidelines. Does that mean I wont be able to rent one of these apartments?
That's most likely the case. However, don't disqualify yourself, maybe you did your calculation wrong. Still move forward with the application and wait for the final decision.
Ah got it. Thank you for the response! Just to clarify, my 2016 tax return falls within the income guideline but my 2017 tax return falls above it. I noticed they look at your last 3 tax returns, do the previous returns before the most recent play a factor?
I believe they're supposed to look at only one prior tax return, the most recent. But I have read otherwise from people on this site.
When you say "2016 return" and "2017 return," do you mean the returns you filed in 2016 and 2017, or do you mean the returns for tax years 2016 and 2017?
At this point, you won't be able to change what's on your past tax returns or on your current pay stubs. So it's best to go in with all the documents called for (and don't volunteer any documents NOT asked for) and see what happens.
They ask for the last 3 tax returns for self-employed applicants.
If your 2017 tax information is over the limit, DON'T FILE IT YET! Give them 2016, 2015, 2014 and tell them you haven't started your 2017 taxes yet. If pressed, file an IRS extension which gives you until October 15. You are not required to provide 2017 tax info until May 1, or October 15 with an IRS extension.
I'm not self employed and unfortunately and filed my 2017 tax return already.
Are they also basing numbers off of adjusted gross income or taxable income? My AGI puts me over but my taxable income puts me right in the middle of the income guidelines.
I have a log number of 80 for a unit that fills 100+ and just want to be prepared if they do call me in for an interview.
If any number on your W2 is higher than the limit, you will be disqualified, unfortunately. They will also do calculations based on your paystubs, and through a third party employment verification, but they will take the highest number of all of these.
For this reason, if your 2017 tax return is higher than previous years, I recommend holding off on filing it so you don't have to provide it to them.
Edit: Also, the limits will be raised in a few weeks reflecting 2018 Area Median Income (AMI).. They are usually updated in late March to mid April. So you might want to hang in there.
See it through. Even if you're disqualified, you'll have a better handle on this for the next lottery. People become professional lottery enterers! It's the newest job around.
I only have 3 pay stubs, because last year my boss paid cash for me , also I have employment verification. Do you think I just give a employment verification or both?
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