FINANCIAL
If you are self-employed, you have two ways of providing your income information:
• Your previous year's Federal Tax Form 1040 and Schedule C "Profit and Loss from Business" form.
Certain deductions are not counted by Healthy Families from your Schedule C therefore you have to add them back to the total gross of your business, this can be sometimes a little confusing depending of the type of business that you have but we can help you - just give us a call.
• A Profit and Loss Statement from the most recent three months prior to the date the application is submitted. The net amount of the business after deductions (not gross income) will be the figure your income is based upon.
Our Certified Application Assistants can assist you in completing a valid Profit and Loss Statement; give us a call and we will help you through the process.
If your income comes from a corporation use your previous year’s Federal Income Tax Form 1040 and Schedule S. Your Schedule S should match the income on your Form 1040. If the two forms do not match, further documentation will be needed. Give us a call and we can help you to ensure your application will not be rejected.
If your income comes from rental properties, use the previous year’s Federal Income Tax Form 1040 or 1040NR, Schedule E “Supplemental Income and Loss” (part 1 and 2). The rental Income line from your 1040 or 1040NR should match the total rental Income on your Schedule E.
You will also need to provide a Rental Income Worksheet. We can provide this document to you and help you complete it. Make sure it is complete with all blanks filled in because any lines left blank in the monthly expenses will be counted as $0, affecting the real total of your income and delaying the application process. Once you have completed the form, sign and date the document and submit with the other required documents.
If your income comes from unemployment you can use it to apply for Healthy Families even is it is not from California. You will need a recent pay stub from the unemployment income (no older than 30 days) with a California address. Certain restrictions do apply; give us a call and we can provide you with any information you might need.
If your income comes from a farm, use your previous year’s Federal Income Tax Form 1040 as well as your Schedule F “Profit and Loss from Farming.” The total gross of your Schedule F after adding deductions not counting by Healthy Families (depreciation) should be equal to the total gross of line 18 from your 1040. We can help you with the calculations to avoid any mistakes that might delay the application process.
Do you still have a Financial question that has not been met? ASK AN EXPERT |
