Previous Policy (417-16 was previously found in sections 403-4.20, 403-4.24 and 403-4.35 until November 1, 2021)
A. SSI Dedicated Bank Accounts for Children
1. Do not count interest earned from SSI Lump Sum Funds paid to a minor child and deposited in a "dedicated account" which meets the requirements to be exempt as a resource.
2. If a child continues to receive SSI after turning 18, and the dedicated account continues to meet exemption requirements, the interest continues to be excluded from income.
3. If the dedicated account can no longer be excluded, or the person is no longer on SSI, both the principal and the interest earned on the funds become countable resources.
4. See section 531-2 for asset exclusion.
B. Interest Accrued and Matching Funds Paid on an Individual Development Account (IDA)
1. Exclude interest from both TANF and demonstration project IDA's.
2. Also, do not count matching funds paid into the account from the TANF agency or from a non-profit organization making matching fund contributions.
3. For earned income exclusion, see 419-5.
C. ABLE Accounts
1. Exclude ABLE account deposits, interest earnings and dividend earning.
2. For resource exclusion see section 521-44.