N.M. Admin. Code § 8.150.520.13

Current through Register Vol. 35, No. 24, December 23, 2024

Section 8.150.520.13 - UNEARNED INCOME

A. Definition: Unearned income is income received in the form of entitlement, disability, retirement, unemployment benefits or payments, including but not limited to the following:

(1) child support;

(2) alimony;

(3) temporary assistance to needy families (TANF) benefits;

(4) general assistance (GA) payments;

(5) royalties;

(6) dividends and interest; or

(7) tribal benefits.

B. Gross unearned income: The gross amount of the benefit or payment must be counted. In the case of OASDI benefits, the gross amount of the benefit includes the amount deducted for the medicare premium, if applicable.

C. Real estate contracts: Monthly payments resulting from the sale of property and contributions from family or friends are also countable unearned income.

D. Exclusions: The following are not counted as income:

(1) in-kind benefits (i.e. goods or services realized, provided or exchanged for non-monetary compensation);

(2) vendor payments (i.e. payments made on behalf of a household to a third party);

(3) lump sum payments: as defined in food stamp regulations at 8.139.520.9 NMAC;

(4) loans;

(5) charitable contributions from nonprofit agencies to meet household expenses;

(6) earned income tax credits;

(7) value of food stamps;

(8) TANF annual clothing allowance;

(9) monies received for the care of a third party beneficiary who is not a household member; and

(10) monies excluded by federal statute, as listed at 8.139.527 NMAC.

N.M. Admin. Code § 8.150.520.13

8.150.520.13 NMAC - Rn, 8.150.522.8 NMAC & A, 10-1-12, Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 7/1/2024