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 pre-HOTMA rules, once a person started taking out periodic withdrawals for a retirement account, the balance of the retirement account was the value of the asset. The withdrawals were 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 pre-HOTMA 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 only applies 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 provided a list of pre-HOTMA 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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