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Quizzle Answers - 1/6/21

Question One
Thomas and Carla are adults living in the same unit and both have Cost of Living Adjustment (COLA) increases to their income, which is 5.9% for 2022, as of 10/13/2021. Robert is receiving monthly income of $759.63 in Social Security and $106.95 in VA Benefits. Marla is receiving monthly income of $876.00 in SSI, and their recertification date is 12/1/2021. What is the total income for Robert’s Social Security?

A. $9,115.56
B. $10,094.81
C. $10,512
D. $10,961.39

Answer: D. $10,961.39

$759.63 SS X 5.9% COLA = $44.82
$759.63 + $44.82 = $804.45 X 11 months (Jan to Nov) = $8,848.95
$759.63 (December) + $8,848.95 (Jan to Nov) = $9,608.58
$106.95 VA X 5.9% = $6.31
$106.95 + $6.31 = $113.26 X 11 months (Jan to Nov) = $1,245.86
$106.95 (December) + $1,245.86 (Jan to Nov) = $1,352.81
$9,608.47 + $1,352.81 = $10,961.39

 

Question Two
A LIHTC household has a checking account with a six-month average balance of $875 and a current balance of $958, a certificate of deposit with a market value of $10,000 with a $500 penalty to cash it in, and a savings account with a current balance of $3,125 and a six- month average balance of $3,456. What is the total cash value of the household's assets?

A. $13,500
B. $14,083
C. $14,000
D. $13,914

Answer: A. $13,500

$10,000 CD - $500 penalty = $9,500
$9,500 CD + $875 checking average + $3,125 savings current balance = $13,500

 

Question Three
Kari has a court order to receive $425 per month, but her ex-husband does not pay, and she has made no effort to collect. We must count the full $425 per month as income. True or false?

Answer: True

Remember, if there is no proof of effort to collect the amount due, you must always count the full amount awarded by the court.

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