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Individual Development Account (IDA) Program $ave2Learn & Business Guidelines 2018INTRODUCTION Individual Development Accounts, or IDAs, are savings accounts for low and moderateincome individuals.

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An Individual Development Account, also known as an “IDA," is a savings account for low-income workers that can be used for small-business development, higher education, or the purchase of a first home.

IDA participants are allowed to withdraw money as soon as they have reached their savings goal, but they must first get approval from the IDA program sponsor. Some IDA participants choose one big savings goal, such as a home, but others save for a number of smaller, related goals, such as textbooks and college tuition.

Program Eligibility Your annual income must be 200% of the Federal Poverty Level ($29,160 for an individual, $39,440 for a couple) or less. Exception: In some cases, you may qualify if your income is 65-85% of the median income in your area.

Eligibility for IDA support depends first and foremost on a country's relative poverty, defined as GNI per capita below an established threshold and updated annually ($1,255 in the fiscal year 2023).

An Individual Development Account, or IDA, is a special savings account for people with low incomes. If you save in an IDA, your money will be matched with donations. That means that you can receive another dollar or more for every dollar you save in an IDA.

One of the benefits of using both programs together is that it allows you to set up a nonfederally funded IDA without threatening your SSI or Medi-Cal benefits. As long as the money you save in your IDA is part of a PASS plan, it will not be counted by SSI or Medi-Cal and you won't lose those benefits.

The Individual Development Accounts (IDA) Program helps refugees and other ORR-eligible populations save toward an asset that will help increase financial independence. The program helps refugees understand what assets are, how the U.S. financial system works, and how to manage their money.

An Individual Development Account (IDA) program is a savings incentive program that provides eligible participants with a matched grant of up to $4 for every $1 that a participant saves. Participants can withdraw their savings and the matched grant money to buy their first home, start a business, or pay for college.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232