Financial Need Review

A Financial Need Review can be completed within a case for a specific individual. As many drafts of that calculation may be saved as necessary. When a calculation is considered final, it is "finalized."

1) On the Menu Bar

Click: Case Process

Point: Financial Need Review

Click: New

Financial Need Review window displays.

2) Enter information in Main Tab fields:

  • Effective date (required to Save or Finalize)
  • Authored by
  • Choose one option from the Financial Need Review Status:
    • Exempt (from Financial Need Review)
    • Reason for Exemption

      Or

    • No Calc
    • No Calc Reason

      Or

    • Consumer Participation

      If Consumer Participation is chosen above:

    • Designate if the consumer is dependent (required for Calculation)
      • Click ‘Dependency Guidelines’ for help determining this designation
    • Enter:
      • Number in Family
      • One Time Service Calculation (if applicable)
      • One Time Job Save (if applicable)
      • Income Information
        • Click: Insert icon on toolbar or tab off Number in Family field

          Income Information fields will become enabled.

      • Enter for Wage Earner(s) responsible for the consumer and/or their spouse:
        • Filing Status (from drop down list)
        • Name or other identifying information
        • Income Source (from drop down list)
        • Year (from drop down list: tax year from which information is gathered)
        • Waive (if that wage earner’s income is waived from consideration in the Financial Need Review – needs DOM approval)

Total Available Resources

In the Main Tab, this field is disabled - No resources or assets have been entered. (In other Tabs, it is enabled: Click: Calculate Resources button to generated current available resources.)

3) Enter information in Income Tab fields for each wage earner identified in a vertical tab. Click each tab to enter information for that wage earner (based on source of information):

  • Federal 1040 Adjusted Gross Income Amount
  • Federal 1040A Adjusted Gross Income Amount
  • Federal 1040EZ Adjusted Gross Income Amount
  • No Tax Form - Enter:
    • Wages, salaries, tips, etc.
    • Taxable Interest
    • Taxable Qualified Dividends
    • Taxable Refund of State or Local Income Taxes
    • Alimony Received
    • Business Income (or loss)
    • Capital Gains (or loss)
    • Other Gains (or losses)
    • Taxable IRA Distributions
    • Taxable Pensions and annuities
    • Rental Real Estate, royalties, partnerships, S corporations, trusts, etc.
    • Farm Income (or loss)
    • Unemployment Compensation
    • Taxable Social Security Benefits
    • Other income (type, amount)

Total income is calculated as information is entered.

4) If applicable (for No Tax Form, only), enter information in the Adjustments to Income Tab fields for each wage earner identified in a vertical tab. Click each tab to enter information for that wage earner.

  • Educator Expenses
  • Certain Business Expenses of reservists, performing artists and fee-based gov. officials
  • Health Savings Account deduction
  • Moving Expense
  • Deductible part of self-employment tax
  • Self-employed SEP, SIMPLE and qualified plans
  • Self-employed Health Insurance deduction
  • Penalty on early withdrawal of savings
  • Alimony Paid
  • IRA deduction
  • Student loan interest deduction
  • Tuition and fees
  • Domestic production activities deduction

Total Adjustments are calculated by the system as information is entered.

Adjusted Gross Income is calculated by the system.

5) Enter information in Assets Tab fields for each wage earner identified in a vertical tab. Click each tab to enter information for that wage earner.

(For more information, see Income, Assets and Other Allowable Expenses).

  • Cash, Checking and Savings Accounts
  • Stocks and Bonds
  • Gifts and Inheritance
  • Certificate of Deposit
  • Lump Sum Settlement(s)

Total Assets are calculated by the system as information is entered.

6) If appropriate, enter information in the Medical/Disability Tab fields for each wage earner identified in a vertical tab. Click each tab to enter information for that wage earner. If the consumer is ‘dependent’, they will not have a vertical tab enabled here.

  • Medical and Disability Expenses (as listed on screen)
  • AGI*7.5 Percent (Calculated by the system based on Adjusted Gross Income)
  • Allowable Medical Expenses (Calculated by the system)

7) The Total Resources Tab illustrates the calculation of Total Available Resources.

8) The Tables Tab is available for reference purposes. It contains the current Household Living Requirements and Cost of Living Differentials values that are used in the Financial Need Review.

To access tables:

Click: Appropriate vertical tab.

9) Save as Draft. You can save as many draft versions as you wish:

Click: File

Click: Save

Or

Click: Save Toolbar Button

10) When complete, finalize the Financial Need Review:

Click: File

Click: Finalize

Or

Click: Finalize Toolbar Button

Financial Need Review becomes disabled.

11) Note: Total Available Resources can be calculated at any time in the process:

Click: Calculate Resources

(When Total Available Resources = 0, there is no requirement to add additional information)

Tip: A Calculator is available in fields where simple addition is required - up to ten numbers may be added. For instance, the Medical/Disability Tab does not automatically add all costs for you - it only provides a field to fill in the total cost. In this case, a simple calculator may be helpful. To access the calculator:

Right Click: Field you wish to calculate

Calculator will appear

Enter: First amount

Press: Tab

Enter: Second amount

Continue until all entries are made

Click: OK

The calculated total will be entered into the CaMS field.