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Did not know my IRA will count as part of my income

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bjmmlm

New member
My question is do I have a good chance to win appeal regarding the money I took out my IRA. Thank you
Hello
I applied to Mitchell Lama Coop Riverbay Corporation (Coop City, Bronx,NY 10475) apartment in August of 2016. I received a letter to look at an apartment and to bring my 2018 taxes. In 2018 I took money from my IRA account. Because my regular income for 2018 and money I took out of IRA, I was over the limit to qualified for an apartment. The maximum for a 1 bedroom apartment is $76.000. My income from working was $66,000 and I took out $40,000 from my IRA. I can appeal the decision or I can wait until 2020 and replied all over again. I already spent about $500.00 on the application process. This will mean I would need to spent another $500.00 again

What is the name of your state?
Bronx, NY 10466
 


Zigner

Senior Member, Non-Attorney
Let me flip a coin, heads you have a 51/49 chance and tails you have a 49/51 chance.
 

FlyingRon

Senior Member
Appeal what decision? If you're talking about the coop denying you because you exceed the income limit, there's nothing to appeal. You should have looked at whether you qualified before you applied. I'm not seeing the $76,000 limit but at $106,000 in income, you're above the limits for even non-federally subsidized units (the federal subsidized units have lower limits). You could possibly plead for your application fee back, but they're not legally obliged to do that.
 

bjmmlm

New member
Appeal what decision? If you're talking about the coop denying you because you exceed the income limit, there's nothing to appeal. You should have looked at whether you qualified before you applied. I'm not seeing the $76,000 limit but at $106,000 in income, you're above the limits for even non-federally subsidized units (the federal subsidized units have lower limits). You could possibly plead for your application fee back, but they're not legally obliged to do that.
I'm not going to take money out of my IRA account every year. Therefore my income of $66,000 would be eligible for the apartment. I knew about the maximum in when I find out the application in 2016. My income was below the $76,000 when I applied.
 

adjusterjack

Senior Member
Yeah, my sister goes through the same thing applying for affordable housing in NYC. It's almost impossible to predict what your income will be at the future date that you actually get picked for an available unit.

You'll have to reapply.
 

FlyingRon

Senior Member
Well, you'll have to convince them that 2019 income will be within limits, but that's going to be harder to show.
 

bjmmlm

New member
Well, you'll have to convince them that 2019 income will be within limits, but that's going to be harder to show.
I am going to do the appeal. If the appeal is not successful, I will reapply in 2020 with my 2019 tax returns and make sure for the 3 to 5 years not to take any money out of any retirement accounts.
 

bjmmlm

New member
What is your current age?
60 years old. FYI I currently stay in NYC Housing. which I paid $1600 a month for rent. This why I am trying to move. Even after i retired and living in NYC Housing I still will be paying over $1000 for rent. I do not want to live retire poor.
 
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