Are you interested in understanding how to calculate your income for eligibility when applying for USDA Programs? If so, this blog post is what you need! Here, we provide an overview of the USDA Income Worksheet form and explain everything you need to know about it. We discuss what its purpose is, how to fill out the worksheet accurately and more. With these steps in hand, calculate your income quickly and accurately to determine if you are eligible for any USDA programs that may be available.
Question | Answer |
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Form Name | Usda Income Worksheet Form |
Form Length | 2 pages |
Fillable? | No |
Fillable fields | 0 |
Avg. time to fill out | 30 sec |
Other names | rd, usda calculation worksheet, usda rd income calculator worksheet, usda income calculation worksheet |
INCOME ELIGIBILITY CALCULATION WORKSHEET
USDA Rural Development Guaranteed Housing Loan
Borrower/s ____________________________________________________________
Date of Calculation__________ |
Total # household members = _________ |
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State:_________________________ |
County:______________________________ |
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List all |
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Name of household member |
Source of income |
Monthly income |
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Annual income |
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receiving the income |
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from source |
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X12 |
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from source |
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(Actual or Average) |
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_________________________________________$___________ X12 |
$___________ |
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_________________________________________$___________ X12 |
$___________ |
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_________________________________________$___________ X12 |
$___________ |
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_________________________________________$___________ X12 |
$___________ |
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_________________________________________$___________ X12 |
$___________ |
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_________________________________________$___________ X12 |
$___________ |
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_________________________________________$___________ X12 |
$___________ |
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_________________________________________$___________ X12 |
$___________ |
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_________________________________________$___________ X12 |
$___________ |
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_________________________________________$___________ X12 |
$___________ |
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Total Gross Household Income |
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$______________ X12 |
$______________ |
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Total Monthly |
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Total Annual |
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Deductions from Annual Income: (Per § 1980.348) (Use when gross income is above income limit): |
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(1) Number of Minors living in household: ___X $480.00 (Under age 18) |
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$_____________ |
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(2) Number of Disabled/Handicapped Adults:___ X $480.00 (18 or over& NOT borrowers) $_____________ |
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(3) Number of full time adult students: ____ X $480.00 (18 or over& NOT borrowers) |
$_____________ |
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(4) Elderly Family: (borrower or |
$400.00 |
$_____________ |
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(5) Annual Child Care Expense |
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$_____________ |
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(6) Medical expenses (Elderly family only. |
$_____________ |
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TOTAL Annual Deductions (Sum of Line 1 thru Line 6) |
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$_____________ |
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Adjusted Gross Annual Household Income (Gross income less deductions) |
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$____________ |
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ADJUSTED COUNTY HOUSEHOLD INCOME LIMIT per Rural Development |
$____________ |
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Income limits are available at: |
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http://www.rurdev.usda.gov/rhs/sfh/sfh%20guaranteed%20loan%20income%20limits.htm |
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or |
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http://eligibility.sc.egov.usda.gov |
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__________________________________ |
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Lender Signature |
Date |
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__________________________________
Printed Name
Copyright © 2009. David Hail, All rights reserved. |
1 |
Phone: |
August 2009 |
DEDUCTIONS FOR CALCULATING
ADJUSTED FAMILY INCOME
Deductions From |
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Annual Income |
Deduct For: |
Do Not Deduct For:__________________________________ |
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$480 for each |
(A) |
Minors (under 18 years of age) |
Applicant/Borrower, Spouse, Foster Children, or |
member of the |
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Children of |
family residing in |
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the household. |
(B) |
Adults (18 years of age or older) |
Applicant/Borrower, Spouse or |
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(C) |
Adults (18 years of age or older) |
Applicant/Borrower, Spouse or |
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who are |
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$400 for elderly |
(D) Head, Spouse or Sole Member who |
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family. |
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is a senior citizen, disabled or |
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handicapped and is the applicant/ |
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borrower. |
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(E) |
Two or more unrelated senior |
Family, if one or more of those living in the house- |
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citizens, disabled or handicapped |
hold is not a senior citizen, disabled or handicapped. |
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persons living together, at least one |
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is the applicant/borrower. |
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(F) |
Survivors of deceased FmHA senior |
Survivors after remarriage of the deceased borrowers |
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citizen, disabled or handicapped |
spouse. |
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borrower who occupied the dwelling |
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at the time of the borrower’s death.
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Care of minors 12 years of age or foster children or children of
(G)Anticipated expenses to be paid for care of member of the family to be gainfully employed.
(a)Amount paid in excess of amount received from such employment.
(b)Payments made to dependents of the applicant/ borrower.
(H) Anticipated expenses paid for care of |
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minor(s) to enable a member of the |
Payments made to dependents of the applicant/ |
family to further his/her education. |
borrower. |
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Aggregate medical |
(I) |
Planned general medical and dental |
Accumulated bills in excess of planned payments for |
expenses of the house- |
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expenses of an elderly family for the |
ensuing 12 months. |
hold in excess of 3% of |
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ensuing 12 months which are not |
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gross annual income. |
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covered by insurance (eg., medicines, |
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medical insurance premiums, costs of |
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nursing care, payment of accumulated |
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medical bills, and cost of |
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nursing or institutional care which |
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cannot be provided in the home). |
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(J) |
Reasonable attendant care and auxiliary Cost already deducted for same user member of |
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apparatus and equipment expenses to |
elderly family. |
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enable any handicapped/disabled |
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member of a household (not just an |
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elderly family) to be employed. |
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______________________________________________________________________________________________________
Copyright © 2009. David Hail, All rights reserved. |
2 |
Phone: |
August 2009 |