Poverty guidelines are updated every year in January: The 2023 HHS poverty guidelines for family sizes of one for the 48 contiguous states and D.C. Sample of Discretionary Income and Monthly Repayment Under IDR for Taxable income of $100,370
Renew your income and family size when it changes! As your family size increases, your discretionary income may decrease, thus your minimum monthly amount may decrease under an IDR. Family size generally counts your spouse plus any other children/family members for whom you provide a majority of financial assistance, including unborn children due to arrive during the repayment period.ī. The annual HHS Poverty Guideline for your family size and state of residence ( )Ī. Alternative documentation of income via a pay stub, W-2, or something similar to estimate yearly taxable incomeĢ. The Adjusted Gross Income (AGI) from your most recently filed tax return (within the last two years) orī.
Two inputs determine your Discretionary Income:ġ. SAVE Discretionary Income = Your Taxable Income – (225% × HHS federal poverty guidelines)
