Ill. Admin. Code tit. 89 § 121.62

Current through Register Vol. 48, No. 43, October 25, 2024

Section 121.62 - Income Which Must Be Annualized

a) Self-Employment income must be annualized over a twelve month period even if received over a shorter period of time if it represents the household's annual income. Notwithstanding the preceding sentence, household income resulting from the self-employment of a member in a farming operation, who derives income from such farming operation and who has irregular expenses (those expenses incurred less often than monthly) to produce such income, may, at the option of the household, be calculated by averaging such income and expenses over a 12-month period.

b) Self-employment income intended to meet the household's needs for only part of the year shall be averaged only for that period.

c) Resident farm laborer income shall be annualized over twelve months if it is received during the work season but is the only source of income for the year.

d) School and other contractual employees who receive income over a period of time shorter than one year shall have income annualized over a twelve month period.

Ill. Admin. Code tit. 89, § 121.62

Amended at 13 Ill. Reg. 13619, effective 8/14/1989