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You can and should appeal to at least see what happens and give yourself a chance. However, keep in mind that bonuses are “taxable, supplemental income,” even if they are sporadic and are not guaranteed every year. Anything that the IRS can include, calculate and tax for any given year, will count in your overall income for that year.
Hi guys another update from HR - my holiday pay is guaranteed for all employees and is actually ~included~ in my salary. HR will be including this in their letter and I will argue that the holiday pay should be wiped from the income calculation.
I dont have a union job so for my bonus - it depends on my performance and the funds available.
"Anything that the IRS can include, calculate and tax for any given year, will count in your overall income for that year."
This is definitely not the case. The marketing handbook provides for the exclusion of documentably nonrecurring income.
If you have a union contract that provides for a 3% bonus every year, that should count against your income.
If your company decides whether or not to give you a bonus each year, and how much, that should not.
The marketing handbook specifically says “CERTAIN” forms of non-recurring income, not any and all forms, and gives examples of what types of income that would be - none of the types of examples they give are taxable and would have to be calculated into a tax return. The IRS states that bonuses are counted as wages which is why you have to include them as part of your yearly income.
This is not exclusive to NYC HC affordable housing - any program, be it for housing or anything else that must calculate income to decide eligibility for an applicant, is going to include job bonuses in the final income count.
The programs can have their own rules for calculating income. They are not bound by the IRC. For example, they impute a (very small) percentage of retirement assets to you as income, when you don't pay any taxes on such assets prior to realization. They're not even nontaxable income. They're not income at all. There have been a number of stories here of successful appeals re: bonuses. Now, agencies struggling to apply rules consistently is definitely an issue across every issue that's not 100% clear-cut.
If bonuses aren't guaranteed, it simply doesn't make sense to count them as income in anticipating the current year's salary.
The programs can have their own rules for calculating income. They are not bound by the IRC. For example, they impute a (very small) percentage of retirement assets to you as income, when you don't pay any taxes on such assets prior to realization. They're not even nontaxable income. They're not income at all. There have been a number of stories here of successful appeals re: bonuses. Now, agencies struggling to apply rules consistently is definitely an issue across every issue that's not 100% clear-cut.
If bonuses aren't guaranteed, it simply doesn't make sense to count them as income in anticipating the current year's salary.
Programs are not bound to the IRS. My point was, anything that is taxable and included as wages on a tax return, makes up overall income for the year. For this reason, management for this building along with HPD/HDC can include bonuses in the overall count, guarantee or not.
@Feb2022HL, if you haven’t heard of her, there is a woman on YouTube who does this for a living - approves/rejects applications for eligibility and sends them off to HPD/HDC for final approval. She explicitly says in the link below that bonuses are counted (Time stamp: 9:07). Give her page a look over if you’d like - she’s a great resource for all of this including filing appeals; the entire page is dedicated to helping applicants navigate thru this process. Her YT page is Talz Da Resource Queen.
The marketing handbook specifically says “CERTAIN” forms of non-recurring income, not any and all forms, and gives examples of what types of income that would be - none of the types of examples they give are taxable and would have to be calculated into a tax return. The IRS states that bonuses are counted as wages which is why you have to include them as part of your yearly income.
This is not exclusive to NYC HC affordable housing - any program, be it for housing or anything else that must calculate income to decide eligibility for an applicant, is going to include job bonuses in the final income count.
What examples do they provide? Unless you’re getting paid under the table everything your employer pays you is taxable…right? Weather it be a bonus, overtime, referral bonus etc it’s all taxable.
What examples do they provide? Unless you’re getting paid under the table everything your employer pays you is taxable…right? Weather it be a bonus, overtime, referral bonus etc it’s all taxable.
“Certain forms of income that are sporadic and non-recurring are not considered when calculating maximum household income as they are considered temporary in nature. Examples of sporadic or non-recurring income include one-time gifts or lump-sum inheritance payments. All sources of income must be disclosed, but such non-recurring income may be excluded from the income calculation.”
Exactly, which is why any monies paid to you from an employer is income that will be calculated, doesn’t matter if it’s not guaranteed or only happens once a year. It’s taxable and if it’s taxable (via employment), any program will include it in the final count.
“Certain forms of income that are sporadic and non-recurring are not considered when calculating maximum household income as they are considered temporary in nature. Examples of sporadic or non-recurring income include one-time gifts or lump-sum inheritance payments. All sources of income must be disclosed, but such non-recurring income may be excluded from the income calculation.”
Exactly, which is why any monies paid to you from an employer is income that will be calculated, doesn’t matter if it’s not guaranteed or only happens once a year. It’s taxable and if it’s taxable (via employment), any program will include it in the final count.
The above quote is from the marketing handbook.
Okay I understand now. It sucks but it makes sense. Hopefully the person trying to appeal wins!
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