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9/17/11 at 6:29am
Thread Starter 

I am trying to determine what the asset limits are for NJ Snap & if IRAs constitute assets.  I had read here about many states getting rid of them or changing the asset limits but in my research, I think I have found that NJ wasn't one of them?  

 

We have no income, have had no income for over a year, have almost exhausted all our savings paying our bills & mortgage & still cannot find jobs.  All we have left is money in a Roth IRA & a regular IRA.  If we take anything out from either, we lose all the taxes & early withdrawal penalties.  

 

We believe we are finally on the "real" buyers of our home.  We had quite a few deals fall through this year but (knock on wood) we think we will close around 10/10.  We are going to be renting indefinitely.  

 

We have no debt & will be able to pay off the mortgage & transfer tax on the house with maybe $1500 left over.  We do own (no payments left) a 2007 Prius with 75,000 miles on it but I think I did read that the car ownership rule might have been relaxed?

 

Can anyone give me some insight specifically to NJ?  We need help fast & I am getting scared.  But the penalties for touching those IRAs take away almost half the value which is horrific as well.

 

 

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