|
¤RETRO BUSTERS¤
HOW TO USE...STEP BY STEP
Dear Residents:
I’ve received Retro Bills. You’ve received Retro Bills. We hate them. We say, “How did this happen? I thought I calculated correctly!” It can be very frustrating. That’s why I created the Retro Buster forms in an attempt to help me track my income more accurately. Try them out and see if they work for you.
Let’s clear up some myths about Retro. Many people think when they pay their Retro Bill they are paying the “building.” The fact is that retro payments go to the Federal Government. You are not paying Manhattan Plaza and the Plaza does not keep the money. Retro payments are monies the Federal Government has already laid out for your rent during the previous year. MP sends the payments to HPD and they send it on to the Feds.
Anticipating your income for the upcoming year is a guessing game. And it’s stressful. Nobody wants to get a bill. But, it is also a procedure we agree to follow when we choose to live at Manhattan Plaza. Having a better handle on your income is one way to feel more comfortable especially at the end of the year.
How to Use Retro Buster Forms (Download Forms) You will see that the forms are broken up into 4 separate quarters of the year (3 months per quarter). Each quarter is printed on a separate Retro Buster page. Let's begin with the MP Recertification packet. On form 7 of the Recertification packet there is a line which states, “I hereby affirm and attest that the anticipated gross income of all persons who will reside in this apartment for the calendar year ______ will be $________.”
Copy that figure (anticipated gross income) onto the Retro Buster form at the top of each page/quarter and again at the end of the 4th quarter where indicated on the Retro Buster.
1. Divide your anticipated gross income firgure for your household by 4.
This is your quarterly target. Copy your quarterly target figure onto the beginning and end of each quarter where indicated on the form.
2. Next, divide that same anticipated gross income figure (again, found on Form 7 of your Recertication packet) by 12. This is your monthly target. Copy the monthly target figure onto the beginning and end of each quarter where indicated on the Retro Buster form.
Each week add up the gross amounts you received from all checks, interest, bonuses, and unemployment benefits (that’s the gross amount of your checks…not the amount after taxes are taken out). Write the totals in the appropriate weekly space indicated. At the end of the month, add the weekly income totals together. This figure is your actual monthly income.
Compare the monthly target total with your actual monthly income total. If the actual monthly income is significantly higher or lower than the monthly target income, you may want to do an interim recertification. If the actual monthly income is the same or close to your monthly target you may wish to wait until the end of the quarter to decide about an Interim.
At the end of each quarter check your Retro Buster and compare your actual quarterly income to your quarterly target. Once again, decide if you need to do an Interim.
Common Mistakes When Anticipating Income When declaring our earnings estimates many have already subtracted allowable deductions. That is what gets us into trouble. We tend to try to keep our rent low. That’s a double edged sword. You are better off over estimating your income a little bit. You may receive a rent credit as opposed to owing a retro bill. Given the massive federal cuts in housing, it only serves us to try to keep our retro bills to a minimum. Remember that the anticipated income figure should include earnings from all members of your household. I hope Retro Buster forms help!!
Marisa Redanty
“Proud” President, MPTA
Retro Buster Forms were created to assist in bookkeeping and tracking income. They were created as a tool and do not gurantee any result in your retro rent calculations. ach MP resident is responsible for his/her own anticipated estimates. Interim Recertification is recommended when income changes any time throughout the year and is entirely the responsibility of the resident.These forms do not represent any city or federal guidlines/regulations. These forms are not intended and do not in any way represent a legal
|
|