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Home Dictionary H Household Income Household income is the total gross cash income of all members of the household. The Census Bureau defines a household as a group of 15 people living under the same roof, whether they are related or not. Household income is used to assess the economic health of an area or to compare living conditions between geographic regions. The definition of household income may vary across surveys and government agencies/programs. Household income is one of three measures of well-being, while the other two are family income and per capita income. 529 Plan
September 25, 2022 529 Plans are tax credit accounts that can be used to pay for education costs from kindergarten to graduate school. 529 Savings Plan
September 25, 2022 529 Plans are tax credit accounts that can be used to pay for education costs from kindergarten to graduate school. Dual Income, No Kids (DINK)
September 25, 2022 “Double Income, No Children” (DINK) is slang for a household that has two incomes and no children. Family and Medical Leave Act (FMLA)
September 25, 2022 The Family and Sick Leave Act (FMLA) is a labor law of 1993 that protects the workplace of employees who need to take leave for personal or family reasons. Gift Splitting
September 25, 2022 The sharing of gifts allows a married couple to give twice as much as an individual without being subject to gift tax. Grant-in-Aid
September 25, 2022 A federal aid grant is federal money given to a recipient to fund a project or program. Higher Education Act of 1965 (HEA)
September 25, 2022 The Higher Education Act of 1965, or HEA, has not been re-authorized by Congress since 2013, but remains in effect on an interim basis. Immediate Family
September 25, 2022 Immediate relatives usually consist of parents, siblings, spouse and children. Joint Owned Property
September 25, 2022 Jointly owned property is any property owned by two or more parties, such as a husband and wife, business partners, friends or family members. Legal Separation
September 25, 2022 Legal separation is an agreement made by a court whereby a married couple lives apart, usually apart. Married Filing Separately
September 25, 2022 Couple Separate Filing is a tax status used by married couples who choose to file their income, benefits, and deductions on separate tax returns. Pell Grant
September 25, 2022 Pell grants are based on financial need and, unlike loans, do not usually require repayment. Qualified Domestic Relations Order (QDRO)
September 25, 2022 A Family Relations Restricted Order (QDRO) means—or is defined as—a legal document that can be issued in Family Court. Registered Education Savings Plan (RESP)
September 25, 2022 A Registered Education Savings Plan (RESP) is a Canadian government sponsored college plan. Unemployment Income
September 25, 2022 Unemployment income is temporarily paid by the state to the unemployed who have lost their jobs due to dismissal or for other reasons through no fault of their own. Uniform Gifts to Minors Ac (UGMA)
September 25, 2022 The Uniform Gifts to Minors Act (UGMA) provides a way to transfer financial assets to a minor without the time-consuming and costly establishment of a formal trust. Uniform Premarital Agreement Act
September 25, 2022 The Uniform Law on Prenuptial and Spousal Agreements is a law passed in several states to determine when and how prenuptial agreements must be enforced. Unsatisfied Judgment Fund
September 25, 2022 The Unsatisfied Judgment Fund is an amount of money set aside by some states to cover the unreimbursed costs of injuries sustained in motor vehicle accidents where the responsible driver is unable to pay the damages.