Do You Meet the Requirements to Turn $1,000 into $5,000 for the Purchase of a New Home in Indiana?
Have $1,000? You could own a new home with that. Ready to buy a home? We have Individual Development Accounts that can help you achieve the American dream.
Income is a major factor in determining eligibility. If the prospective participant does not have earned income, he or she will not be eligible for the IDA program.
Earned income, as defined by the Internal Revenue Service (IRS) is “all income from employment, but only if it is includable in gross income.” Earned income generally includes all taxable income which individuals receive from working – income that is not taxable generally does not count as earned income.
Examples of earned income include:
Taxable wages, salaries and tips
Taxable income from self-employment
Gross income received as statutory employee
Federal Program Stipends such as AmeriCorps or Senior Aides