I receive my SSI benefits through a Direct Deposit card the SSA gave me, I don’t have bank statements. What can I do?
Direct Express debit cards do provide Monthly statements, please reach out to the number on the back of your card and ask customer service from direct Express to assist you to have access to your monthly statements.
Why do I have to send you my 401K statement if you can see my contributions on my pay stubs? I have never received my 401K statement and don’t have access to one.
Unfortunately, we cannot take your pay stubs as 401K statements, even though it shows the contributions per pay period and Y-T-D. Per program guidelines all applicants are required to provide official documentation from the financial institution where all assets held, and statements must show total balance, transactions, among other important information.
If you have never received a statement, please note that the Internal Revenue Service requires plan providers to send out a benefit statement to each participant in a 401(k) plan at least once a year, although the law allows them to set the notification schedule. If you request a copy of your statement in writing at any time, your provider must comply with the request, although he’s only bound to give you a statement by request once each year. If your 401(k) gives you the option to direct your own investments, your plan must provide you a statement every three months.
I already sent my 1040s, why do you need other tax documentation? i.e. W-2s, 1099 or vice versa.
We need all applicants to provide complete tax documentation, that includes W-2s, 1099s and any other additional forms or Schedules declared to the IRS on your most recent tax transcripts. Your W-2s contain important employment information, as 1099s contain important income and account information. Your tax documentation cannot be complete by just providing your 1040s or by just providing your W-2s.
We do understand that sometimes 1040s contain a page that provides a summary of the W-2s used in filing the taxes, but the program does not consider that sufficient to satisfy the requirement to provide the actual W-2s. Again, this is not our decision, it is a program requirement that we need to enforce.
For questions on what the required tax documents look like or where you can get them from, please go to: https://www.irs.gov/forms-instructions or contact your accountant (if applicable)
My child has never filed taxes, why can’t they just submit a signed, dated, and notarized letter? (for situations where the child is over 18 but under 22-23)
Unfortunately, we can only accept a notarized letter in place of a tax return or verification of non-filing if the household member writing the letter has not filed their taxes in 5 or more years.
Children under the age of 18 are often not required and not expected to file their own tax return. So, the 5-year requirement does not begin until the household member turns 18. As such, household members are not able to submit a signed, dated, and notarized letter in lieu of their tax returns until they turn 22.
I haven’t filed my taxes and I have an extension from the IRS, what should I send?
If you did not file taxes on the most recent tax period and you have been granted an extension from the IRS, then please submit proof of that extension along with your previous IRS 1040 computerized tax transcripts for all household members.
Please remember that you must include all documents submitted to the IRS, i.e. W-2s, 1099s, etc. – cannot be handwritten. If you do not have a computerized copy of your 2018 tax transcripts, please call the IRS at 1-800-829-1040 and request your tax transcripts from the most recent tax year, or go to www.irs.gov/Individuals/Get-Transcript.
I sent you my taxes last year on my first certification, why do you need them again?
Households residing in an affordable housing unit must go through a yearly certification as per the program requirements, they need to be re-certified as income, tax and asset eligible to be able to renew their lease and continue their eligibility for the unit.
For us to be able to re-certify your household, all documentation must be current, which includes submitting your most recent tax returns, along with current income and asset documentation.
What is a 1099 job? And why am I being asked about it?
A 1099 job is a job that is performed by a self-employed contractor or business owner as opposed to W-2 employees. The 1099 form is the Internal Revenue Service form the business/person who paid you as a contractor completes at the end of each calendar year. It denotes how much money was paid for the service.
You have declared a Self-employment activity on your Schedule C of your most recent tax transcripts, and this form is also part of your required tax documentation.