Stupid Question

[danaf]

Is a cash advance counted in the six month income lookback, like drawing on a 401k is?

[leftyf]

I would say no.

[HeatherB]

Is a cash advance counted in the six month income lookback, like drawing on a 401k is?

Are we talking a cash advance from a credit card? Did you get it from your employer? (only way I could see it to be counted as INCOME is if it's from an employer - otherwise I would *think* it would be considered more of a loan.

I honestly don't know, but I would think if you had a good reason (to pay bills) and could show that you paid bills/necessitites it would look Better.

Please keep in mind that my post implies that I am just guessing.... because really I am.

[CATCHMEIFYOUCAN]

I didn't include it on my income when I took a cash advance, and don't deposit the cash in your bank account either! If you need to pay bills with the cash buy money orders! As far as the 401k loan you may have taken out, are you paying that back through payroll deduction or did you do a full withdrawal? I had a couple loans off my 401ks and it was an "expense," coming out of my paycheck, the trustee couldn't touch it otherwise he'd be looking at an additional $600 on top of $800 disposable income I had. Thank goodness for certain exemptions!

[CindyLou]

well, I dont know the answer, but I do know that it is NOT a stupid question!!!

[danaf]

lol - cindy you made me laugh. i meant cash advance from a credit card.

[HeatherB]

lol - cindy you made me laugh. i meant cash advance from a credit card.

No, they won't count it as income. I had several cash advances on one credit card. They didn't even ask for receipts or ask for it back.

However, I did file 6 months after all the cash advances.