Income Calculations

Income Calculations

HUD Issues 2024 Income Limits, Announces New Cap on Annual Increases

April 30, 2024    

You must implement the new limits no later than May 16, 2024.



IRS Increases Standard Mileage Rates for 2024

December 21, 2023    

The IRS recently issued Notice 24-08, which contains the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

With the recent notice, the 2024 business standard mileage rate is increasing to 67...

SSA Announces Modest Cost-of-Living Adjustment for 2024

October 30, 2023    

The upcoming increase is below adjustments for the previous two years.



HUD Issues 2023 Income Limits for Tax Credit Programs

May 25, 2023    

This year’s limits must be implemented no later than June 29, 2023.


How HOTMA Will Affect HUD's Income Calculation Rules

March 31, 2023    

HUD recently released its final rule for implementing the remaining Housing Opportunity Through Modernization Act (HOTMA) provisions. HOTMA was a bipartisan bill that sought to align and streamline public housing and HUD multifamily programs. For these programs, the changes under HOTMA touch...

IRS Boosts Business Standard Mileage Rates for 2023

February 23, 2023    

The IRS recently issued Notice 23-03, which contains the 2023 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

Last year, the IRS made a rare midyear mileage rate adjustment in June as a way to...

How to Handle Residents’ CDs When Calculating Income

February 23, 2023    

You probably know that each time you certify or recertify a household at your site, you need to determine the cash value of the household’s assets and the income those assets are expected to generate over the next year. It may be the case that increasingly more applicants and households...

How the SECURE 2.0 Act Impacts Retirement Account Withdrawals

January 31, 2023    

Personal retirement accounts can be tricky to navigate when completing income certifications. They can be considered assets or income depending on if the resident has access to the retirement account funds and if distributions are regular and periodic or sporadic. Generally, when the regular...

SSA Announces 2023 COLA Increases

October 31, 2022    

The Social Security Administration (SSA) recently announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023. The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more...

5 Dos & Don'ts for Treating Household Lump-Sum Payments Correctly

September 30, 2022    

When a household gets a one-time payment such as an inheritance or a settlement award you must follow special HUD rules for such payments when certifying and recertifying household income. In general, you must treat these payments, known as “lump-sum payments” or “lump-sum...

IRS Increases Standard Mileage Rate for Remainder of 2022

June 20, 2022    

Starting on July 1, the standard mileage rate used to deduct eligible business trips in a vehicle on tax returns increases by 4 cents to 62.5 cents per mile, according to the IRS. The new rate applies to trips during the second half of 2022.

Take 2 Steps to Correctly Calculate Income from Assets

May 27, 2022    

Even though HUD doesn’t administer the tax credit program, the tax credit law requires owners and managers to use the HUD rules for calculating household income at a tax credit site. As such, when certifying or recertifying housing income, you must include any income the household's...