Quiz | Assets...with bonus HOTMA updates
Jul 26, 2023
Are you up-to-date on asset rules when certifying households? If so, how about how they will change in 2024 with HOTMA? Find out with this month's quiz.
1. Under current rules, once a person starts taking out periodic withdrawals for a retirement account, the balance of the retirement account is the value of the asset. The withdrawals are income.
True or False
2. HOTMA | After HOTMA takes effect, IRS-recognized retirement accounts will never be counted as assets. Once the account owner starts taking out periodic payments, these will be income.
True or False
3. Under current rules, imputed asset income is calculated if the total ________ value of household assets exceeds $5,000.
Market or Cash
4. HOTMA | After HOTMA, imputed income will only apply to individual assets that cannot otherwise have income determined and only if household asset exceeds $50,000.
True or False
5. Which of the below-listed parts of the current HUD Handbook 4350.3 provides a list of asset inclusions and exclusions?
Chapter 6 | Appendix 3 | Exhibit 5-1 | Exhibit 5-2 | Chapter 8
6. HOTMA | HOTMA adds several new asset types.
True or False
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