Annual Income Includes:

• Full amount (before payroll deductions) of wages and salaries, overtime pay, commissions, fees, tips and bonuses and other compensation for personal services

• Net income from the operation of a business or profession

• Interest, dividends and other net income of any kind from real or personal property (See Assets Include/Assets Do Not Include below)

• Full amount of periodic amounts received from Social Security, annuities, insurance policies, retirement funds, pensions, disability or death benefits and other similar types of periodic receipts, including lump-sum amount or prospective monthly amounts for the delayed start of a periodic amount (except for deferred periodic payments of supplemental security income and social security benefits, see Exclusions from Annual Income, below)

• Payments in lieu of earnings, such as unemployment and disability compensation, worker’s compensation and severance pay (except for lump-sum additions to

family assets, see Exclusions from Annual Income, below Welfare assistance

• Periodic and determinable allowances, such as alimony and child support payments and regular contributions or gifts received from organizations or from persons not residing in the dwelling

• All regular pay, special pay and allowances of a member of the Armed Forces (except for special pay for exposure to hostile fire)

• For Section 8 programs only, any financial assistance, in excess of amounts received for tuition, that an individual receives under the Higher Education Act of 1965, shall be considered income to that individual, except that financial assistance is not considered annual income for persons over the age of 23 with dependent children or if a student is living with his or her parents who are receiving section 8 assistance. For the purpose of this paragraph, “financial assistance” does not include loan proceeds for the purpose of determining income.