IDA WITHDRAWALS (FSM)

SR 17-06 Dated 02/17

Previous Policy

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Funds withdrawn from an Individual Development Account (IDA).

Treatment: Excluded Income, if used for a qualified *purpose, which includes:

1.     Purchasing a first home; or

2.     Financing post-secondary education.

 (see PART 411, LESS COMMON TYPES OF RESOURCES: INDIVIDUAL DEVELOPMENT ACCOUNT (IDA))

Treatment: Countable Lump Sum Income, if used for a nonqualified *purpose (see PART 409, COMMON TYPES OF RESOURCES: LUMP SUM PAYMENT: NONRECURRING).

 

References: He-W 756.07; RSA 161:2, XIII; RSA 161:4-a, IV; RSA 167:4, I(a); RSA 167:7, IV; 7 CFR 273.9(c)(8); 42 USC 604(h)(2)(B),(D) & (4)