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I have my first interview coming up before the end of the month, and given that we're nearing tax time - can anyone verify if I should bring the taxes I'm filing for this April and that associated W-2, or do I show what I filed this time last year? The document list says "last year's W-2 forms" and "tax returns from last year." I would just bring everything, but I hesitate because I had an unusual amount of overtime at the end of 2017 that would barely put me over the limit. My projected income from the last 6 paystubs, however, has me right in the middle of the allowable range. I want to be honest, but don't want to accidentally disqualify myself since it looks like my income going forward will be in the range. Thoughts, anyone?
Use whatever tax forms are most beneficial to you. That would usually be the one with less income reported!
Use 2016 (filed in 2017) if it's most beneficial to you. You're allowed to use them until May 1, or until October 15 if you file for an IRS extension.
For example, if you were over the limit in 2017, you could hold off on filing 2017 taxes, even until October 15 if necessary by filing an extension, and give them 2016 taxes.
This is one way of gaming the system by knowing the rules of the game!
Every development is sorta different except when calculating income from tax returns. The normal if this is post april would be averaging the most recent two tax returns that you have filed. Since this is before april you will have to bring the 2016 and 2017 along with your w2 for 2017. They will average all 3.
You don't need to bring 2017, because theoretically, you haven't filed them yet and you're not required to until April 17, and if you prove you filed for an extension, you're not required to file and they can't ask for them before Oct. 15. If they're going to bring you over the limit, do not bring them under any circumstances, especially since they don't seem to be asking for them.
You don't need to bring 2017, because theoretically, you haven't filed them yet and you're not required to until April 17, and if you prove you filed for an extension, you're not required to file and they can't ask for them before Oct. 15. If they're going to bring you over the limit, do not bring them under any circumstances, especially since they don't seem to be asking for them.
They are going to ask for w2's for 2017 if you haven't filed. This is why the process takes a long time they are very diligent with the paper trail and numbers.
They are going to ask for w2's for 2017 if you haven't filed. This is why the process takes a long time they are very diligent with the paper trail and numbers.
They can ask for it, but you don't have to provide it until it has been filed with the IRS. Tax documents don't become "official" and "of record" until you file them with the IRS and the state. For example, a W2 sent by your employer by January 31 of every year is supposed to be reviewed by the employee for accuracy and the employee is allowed to request corrections. This is why the guidelines explicitly state that the prior year's tax returns are supposed to be accepted until the tax filing deadline.
Last month, a friend was asked for their 2017 W2 and declined to provide it, saying that they hadn't yet started reviewing their 2017 tax documents and asked the developer to accept the prior year's (2016) tax documents- they accepted the 2016 docs, because they have to.
Don't give them any documents that could put your application in danger if you don't have to.
Thanks everyone for your input. After posting, I read through a few more threads and came upon the marketing handbook (sorry, I'm a newbie to this process). It looks like, as wiivile stated, at this point in the year we only need to show the taxes that were filed in 2017 (2016 W-2), not what is being filed by this April (2017 W-2). Starting May 1, you need to show this year's filed taxes and W-2.
Thinking about it, it makes sense - the AMI values are taken from averages that wouldn't be known until everyone has filed. In other words, what I filed last year is what is being averaged into the AMI that is being applied to this lottery, so that's what they should be looking at.
That all said, who knows if they'll care what's in the manual. I have a bad feeling that there's a fight in my future...
Thanks everyone for your input. After posting, I read through a few more threads and came upon the marketing handbook (sorry, I'm a newbie to this process). It looks like, as wiivile stated, at this point in the year we only need to show the taxes that were filed in 2017 (2016 W-2), not what is being filed by this April (2017 W-2). Starting May 1, you need to show this year's filed taxes and W-2.
Thinking about it, it makes sense - the AMI values are taken from averages that wouldn't be known until everyone has filed. In other words, what I filed last year is what is being averaged into the AMI that is being applied to this lottery, so that's what they should be looking at.
That all said, who knows if they'll care what's in the manual. I have a bad feeling that there's a fight in my future...
If you send them 2016 taxes and they persist in asking for 2017 W2, tell them you haven't started your 2017 taxes yet and you believe there may be an error in the W2 sent to you by your employer. You can even file for an IRS extension and show them the extension. Cite the marketing guidelines requiring them to accept 2016's taxes until May 1 (without an extension) or October 15 (with an extension). They really can't require you to send them documents that you haven't filed with the IRS.
This is gaming the system, but you have to do what you have to do. Because the stakes are so high, I advocate doing everything in your power short of fraud to qualify.
Update: so I was deemed qualified, but in what seems like a strange twist, they were more focused on my recent paystubs than the taxes (I brought 2016 per the marketing handbook - and actually, after I re-read the appointment letter, they explicitly asked for 2016). They did several calculations using the paystubs and took the higher of those amounts, BUT that amount was LOWER than my 2016 taxes showed. Luckily still within the range, but from everything I've read here, it sounds like they usually take the highest from whatever financial information available to them?
That all said, they still want me to send a copy of my 2017 W-2, which as a reminder, would put me ever so slightly ABOVE the limit. Given that I've already signed all the paperwork, the letters have been sent to verify employment, bank etc, I paid for the credit check, and essentially complied with the rules of the marketing handbook - could they still sink me with the 2017 W2? Would they possibly just want it for record, or can we assume they'd recalculate everything? Possibly averaging 2017 and 2016? I guess it's all speculation, just wanted to hear what everyone thought.
Rule of thumb: They can sink you at any time, at any stage of the process, for any reason. Alas.
The apartment isn't yours until the lease is signed and you have the key in your hand and you're standing at the apartment door to let yourself in.
THAT is why this is such a stressful process. You try not to get your hopes up, but you know that it can be a life-changing boon to get an affordable apartment.
When my friend was going through this process two years ago, she would wake up every morning thinking, "What new document or form or proof of something will they want today?" (And sure enough, they did ask her for something that disqualified her, but she was able to work that out.)
I hope our resident financial geniuses, wiivile and Moving415, will weigh in on your new dilemma.
If you had overtime in 2017, it would really be in your best interest not to let the agent get ahold of that information.
Overtime really freaks them out.
To my knowledge, they wouldn't average 2016 and 2017. They would take your higher 2017 salary and disqualify you.
Last edited by macnyc2003; 03-23-2018 at 02:38 PM..
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