IDA WITHDRAWALS (MAM)

SR 17-06 Dated 02/17

Previous Policy

____________________________________________________________

Funds withdrawn from an Individual Development Account (IDA).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 413, LESS COMMON TYPES OF RESOURCES: INDIVIDUAL DEVELOPMENT ACCOUNT (IDA)

Treatment: Countable as a Lump Sum Payment, if used for a nonqualified *purpose. (see PART 411, COMMON TYPES OF RESOURCES: LUMP SUM PAYMENTS (RESOURCE).

 

References: RSA 161:2, VI; RSA 161:4-a, III; RSA 167:4, I(a); 42 USC 604(h)(2)(B),(D) & (4)