The Ruby: 243 W 28 St — Lottery now open (Hope: payment, news)

[aggretsuk0]

Ugh after reviewing my 2023 W2 I'm just over the 80% AMI. Is there any hope for me or am I SOL?

[Justthenancy]

Any ideas how they count your income? My most recent paystubs (I sent them six) and W2 is in the 80% AMI bracket but tax return put me over 80%. Which one will they use?

[71293kate]

Originally Posted by Justthenancy

Any ideas how they count your income? My most recent paystubs (I sent them six) and W2 is in the 80% AMI bracket but tax return put me over 80%. Which one will they use?

I am fairly certain they go off of the average of the most recent paystubs over the w2 they care more about what you are making at the moment than what you made in the past. Verify with the handbook but people get new jobs or lose them so income changes from your W2.

[nevinasb]

Originally Posted by Justthenancy

Any ideas how they count your income? My most recent paystubs (I sent them six) and W2 is in the 80% AMI bracket but tax return put me over 80%. Which one will they use?

They will choose the highest of three calculations, so most likely if your tax return amount is higher than the 80% limit theyll most likely disqualify you

[Justthenancy]

I read the marketing handbook but it’s so confusing. There are many way for them to count our income. The first one is based on tax return. The other one says W2 reflects the pre-tax income while tax return does not, the agent should use the W2 income in the annual income calculation and the last one says averaging the pay stubs. The higher of these two amounts will be "the pay stub income."

If my tax return put me over 80% AMI will I still be eligible for 80%AMI since the number on my W2 is within the bracket.

[randomperson2]

Usually not, unless you can show changed circumstances.

[Justthenancy]

I’m just hoping they won’t only count my tax return. Anybody in 500-700 heard back yet I saw people in 400 were recently contacted again.

[nevinasb]

Originally Posted by Justthenancy

I’m just hoping they won’t only count my tax return. Anybody in 500-700 heard back yet I saw people in 400 were recently contacted again.

They will definitely count that in,

what is the reason your 1040 income is higher than w2, did you have any other income sources or investments that bumped you over ?

There's got to be a concrete reason your tax return is showing higher income than your w2

[Justthenancy]

Originally Posted by nevinasb

They will definitely count that in,

what is the reason your 1040 income is higher than w2, did you have any other income sources or investments that bumped you over ?

There's got to be a concrete reason your tax return is showing higher income than your w2

I took out some of my 401k to pay my student loans and it was considered income.

[randomperson2]

Well, you can try arguing that it was one-time, not recurring, income, but that is always an uphill climb.