3 Income Questions (Ira: apartment, rent, calculated)

[mnty]

A general, a specific and a down-the-road question about income. First the general: Does anyone have a source for a document (official or otherwise) that explains exactly what counts as income for purposes of 421-a? Is it simply your AGI on 1040 line 11, total income on line 9, or something entirely more complicated? Looking for a handbook or something that explains precisely how income is computed -- just want to make sure that our application comes up with the same numbers as the 421a people do.

Here's the specific question. We are about $1500 shy of qualifying for an apartment, and one of us today applied for Social Security benefits. We have also been contacted to submit more info for a current lottery, with a deadline of 3/31. Would they take into account our expected income from Social Security and simply add it to our last year's totals? Or am I dreaming, and nothing in life is that simple?

Down the road further, in 4+ years when we both take Social Security and our income vaults over and above our current AMI bracket, will they raise our rent sky-high to the rent that is dictated for the new bracket we would suddenly be in for the first time?

Thank you, one and all!

[macnyc2003]

The answers to your questions are in the Marketing Handbook, linked below.

Also, if you Google "Marketing Handbook HPD," you will see this handbook and also a whole lot of attachments, and some of them have to do with finances. So you if you don't see the answer in the main book, download the attachments.

The short answer is, your income will be calculated by averaging out your six most recent pay stubs. If you're retired and not getting paid, I don't know what happens.

Once you are in the apartment, your income doesn't matter.

Also, if you're taking withdrawals from an IRA or 401(k), that may count as income. But I'm not sure.

https://www1.nyc.gov/assets/hpd/down...dbook-8-21.pdf

[mnty]

Many thanks, macnyc2003. Super-helpful!

We are indeed taking withdrawals from a 401(k), and these withdrawals are the lion's share of our income. That's all income for IRS purposes, but here I am not sure. I will check the handbook you posted.