B. Total Up Your Income
Your expenditures account for only half of the picture. You also need to add up your monthly income. Use Form F-3: Monthly Income From All Sources (copies are below, in Appendix 3 and on the CD-ROM).
If you are married or live with someone with whom you share expenses, include income information for both partners.
Column 1: Source of income. In Part A, list the jobs for which you receive a salary or wages. In Part B, list all self-employment for which you receive income, including farm income and sales commissions. In Part C, list any other sources of income. Here are some examples of other kinds of income.
- Bonus pay. List all regular bonuses you receive, such as an annual $500 end-of-year bonus.
- Dividends and interest. List all sources of dividends or interest—for example, bank accounts, security deposits or stocks.
- Alimony or child support. Enter the type of support you receive for yourself (alimony, spousal support or maintenance) or on behalf of your children (child support).
- Pension or retirement income. List the source of any pension, annuity, IRA, Keogh or other retirement payments you receive.
- Other public assistance. Enter the types of any public benefits, such as SSI, public assistance, disability payments, veterans’ benefits, unemployment compensation, worker’s compensation or any other government benefit which you receive.
- Other. Identify any other sources of income, such as a tax refund you received within the past year or expect to receive within the next year, or payments you receive from friends or relatives. If, within the past 12 months, you received any one-time lump sum payment (such as the proceeds from an insurance policy or from the sale of a valuable asset), don’t list it as income.
Column 2: Amount of each payment. For each source of income you listed in Parts A and B of Column 1, enter the amount you receive each pay period. If you don’t receive the same amount each period, average the last 12. Then enter your deductions for each pay period. Again, if these amounts vary, enter an average of the last 12 months. For the income you listed in Part A, you probably need to get out a pay stub to see how much is deducted from your paycheck. Subtract the deductions and enter your net income in the Subtotal blank in Column 2.
Taken From : Credit Repair by Attorneys Robin Leonard and Deanne Loonin
