In the Supplemental Nutrition Assistance Program (SNAP, formerly Food Stamp Program), retirement accounts include savings plans, IRA, and Keogh plans which are recognized by the Internal Revenue Service as being for retirement. An IRA (individual retirement account) provides individuals with an opportunity to save for retirement on a tax-deferred basis. A Keogh plan is a retirement plan for self-employed individuals and their employees to which tax-deductible contributions up to specified limits can be made.
If the retirement account is an IRA, then count the asset value as the amount less any early withdrawal penalties. If you reside in Indiana, then read the topic "Retirement Accounts IRA Exclusion (Indiana) - SNAP (Food Stamps) " for guidance on when to exclude the value of an IRA.
If a household member has a Keogh plan, count the asset value less any early withdrawal penalties. However, if the Keogh plan involves a contractual arrangement with a non-household member, then exclude the value. If you reside in West Virginia, then read the topic "Retirement Accounts Keogh Plan Exception (West Virginia) - SNAP (Food Stamps) " for additional guidance.
If the retirement account is neither an IRA nor a Keogh plan, then exclude the value of the account (i.e., annuities, pensions).
Assets that are owned jointly by separate households are considered available in their entirety to each household unless the household demonstrates that the assets are inaccessible. If the household can demonstrate that it has access to only a portion of the retirement account, the value of that portion of the retirement account is counted toward the household's resource level. The retirement account is considered totally inaccessible to the household if the retirement account cannot practically be subdivided and the household's access to the value of the retirement account is dependent on the agreement of a joint owner who refuses to comply.
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