Quiz | Excluded Income and Assets Part 2
Dec 31, 2025
Under HOTMA, some items are excluded from income, some are excluded from assets, and some are excluded from both income and assets. Other items are not excluded at all. Keeping track of the difference is important.
Note: Questions 1-5 were in last month's post HERE.
6. ABLE accounts with employer contributions into the account
A. Income exclusion only
B. Asset exclusion only
C. Both income and an asset exclusion
D. Neither an income nor an asset exclusion
7. IRS-recognized retirement accounts with periodic withdrawals
A. Income exclusion only
B. Asset exclusion only
C. Both income and an asset exclusion
D. Neither an income nor an asset exclusion
8. Revocable trust under control of the family
A. Income exclusion only
B. Asset exclusion only
C. Both income and an asset exclusion
D. Neither an income nor an asset exclusion
9. Food stamps
A. Income exclusion only
B. Asset exclusion only
C. Both income and an asset exclusion
D. Neither an income nor an asset exclusion
10. PASS account (Plan to Attain Self-Sufficiency SSI account)
A. Income exclusion only
B. Asset exclusion only
C. Both income and an asset exclusion
D. Neither an income nor an asset exclusion
There is a very good chance that the topic of this post is covered in an online on-demand course at Costello University.
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