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Assets

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Things that you own, like a car or a house. You can only own a certain amount in assets and still qualify for many health care and disability benefit programs. The home you live in and the car you drive to work are exempt under most Social Security and state disability benefit programs. For Supplemental Security Income (SSI), the first $100,000 in an ABLE account is not counted as assets. For Medi-Cal, CalFresh (formerly Food Stamps), and some other programs, none of the money in an ABLE account is counted.

Also called "resources."

Assets for Independence Act (AFIA)

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Legislation that established Individual Development Account (IDA) programs for applicants who are not on CalWORKs. The three goals of AFIA include: providing individuals and families with incentives to save earned income, increasing self-sufficiency, and improving the community.

Earned Income (EI)

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Salaries, wages, tips, professional fees, and other amounts you receive as pay for physical or mental work you perform. This can include things you get in exchange for work instead of wages, such as food, shelter, or other items. Funds received from any other source are not included. (Contrast: unearned income.)

Earned Income Tax Credit (EITC)

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A federal income tax credit for low income working individuals and families. The credit reduces the amount of federal income tax you owe and can result in a refund check. Most people claim their Earned Income Tax Credit (EITC) when they file their federal income taxes.

Federal Poverty Guidelines (FPG)

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Monthly and annual income amounts used to determine financial eligibility for state and federal benefit programs.

Each year, the U.S. Department of Health and Human Services (HHS) issues the Federal Poverty Guidelines (FPG) in the Federal Register. The current FPG for one person is $12,140 per year; for two people, it's $16,460. Add $4,320 for each additional person.

Note: Different state and federal programs adopt the new Federal Poverty Guidelines on different dates each year.

Individual Development Account (IDA)

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A savings account in which your deposits are "matched" at a certain rate. If you have a 2-to-1 match, for example, an additional $2 will be deposited for every $1 that you deposit in your account. IDAs are usually used to save for school, purchasing a home, or starting a business.

Match

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Funds paid by an IDA program when an individual deposits money into the account.

Plan to Achieve Self-Support (PASS)

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A Supplemental Security Income (SSI) program that allows you to set aside income and assets for expenses related to a specific work goal. Income that you use for these expenses will not cause your SSI benefits to go down. Assets that you spend on PASS expenses won't count towards the SSI limit.

A PASS specialist can help you set up a Plan to Achieve Self-Support.