Monthly income - how to calculate?

[House4Me1Day]

Nearly all of our income is paid by the VA, so we get paid on the 1st of the month. However, sometimes if the 1st falls on a weekend or a Holiday we are paid on the last business day of the month. My income is paid either the last few days of the month or on the 1st as well (paid by the VA through a different program).

March 2012 we were paid on the 1st of the month for March. However, March 30th we were paid for April. Since we were paid on May 1 for May it looks like we didn't get any pay during April. so should I put down $0 for April and the double amount for March?

Yes, I am going to call and double check with my attorney on Monday but I just wanted to see what you all think. I know it will average out over the 6 months, but I want to know I am doing this correctly.

Megan

[ValleYum]

We had VA money to deal with as well. We listed the income in the month it was received by us/deposited into our bank account. I would put $0 if you received $0 in April. On our forms, this made some months' income a lot larger or smaller but it was easily explicable to the Trustee. Yay for the Federal government and their depository schedules! LOL

It should all average out over your 6 month look-back period into a monthly amount for your Schedules and Means Test. Do ask your attorney how he prefers to handle this, though. Good luck!

[kornellred]

If you receive a check in a certain month, that is income. You add up all the checks you received during the 6 calendar months under consideration. If a check that is due for 6th month under consideration arrives during the next month, it is not income for the 6th month. Actual receipt of income during the actual 6 months under consideration is what counts. Close only counts in horseshoes and hand grenades.

[House4Me1Day]

Talked with my attorney and he said the same as you guys. =)