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It generally asked your household income. This means many 18 year olds can report 6 or even 7 figure household incomes.

by ada1981 9y ago

chc 9y ago
I wouldn't call that an aspirational income, though — would you? That's just your real household income. It's also not an option for most adults, who are almost all older than 18.
darklajid 9y ago
Putting aside the household income for a moment: "Many" being able to report 6 figure incomes seems quiiiiite a stretch to me, 7 seems insane. Do you have a source for this? Or can you define "many" some more?
- sokoloff 9y ago
  A million or more 18-20 year olds could no doubt truthfully report 6-figure household income. To me, that's "many". (Slightly over a quarter of households in the US have a household income over $100K as reported on tax returns. Household income for the purposes of credit application can be meaningfully higher than for adjusted gross income tax return concerns.)
  - mmcclellan 9y ago
    That's actually an interesting stat. If there are ~115 million US households and 20% have > $100,000 income, that is ~23 million households. If 18-24 year olds make up ~9.5% of the population, and we 'assume' they are evenly distributed in these households, then this statement (well 18-24) could be true.
    - sokoloff 9y ago
      Per this: https://dqydj.com/household-income-percentile-calculator-2016/ https://dqydj.com/household-income-percentile-calculator-201... it's 26.3% of households with incomes over $100K. I saw another estimate of 125 million households, so it could well be ~33 million households with >=$100K household income. (I'm not so much quibbling with numbers as trying to get across that "it's a lot of people")
astura 9y ago
No you can't. The CARD Act of 2009 explicitly forbids this. You can't include anyone else's income if you are under 21. Even after you're 21 you're supposed to only include someone else's income if you have access to it. If your parents don't give you a stipend then you aren't supposed to include their income.
- ada1981 9y ago
  Thanks!

It generally asked your household income. This means many 18 year olds can report 6 or even 7 figure household incomes.

chc 9y ago

I wouldn't call that an aspirational income, though — would you? That's just your real household income. It's also not an option for most adults, who are almost all older than 18.

darklajid 9y ago

Putting aside the household income for a moment: "Many" being able to report 6 figure incomes seems quiiiiite a stretch to me, 7 seems insane. Do you have a source for this? Or can you define "many" some more?

sokoloff 9y ago
A million or more 18-20 year olds could no doubt truthfully report 6-figure household income. To me, that's "many". (Slightly over a quarter of households in the US have a household income over $100K as reported on tax returns. Household income for the purposes of credit application can be meaningfully higher than for adjusted gross income tax return concerns.)
- mmcclellan 9y ago
  That's actually an interesting stat. If there are ~115 million US households and 20% have > $100,000 income, that is ~23 million households. If 18-24 year olds make up ~9.5% of the population, and we 'assume' they are evenly distributed in these households, then this statement (well 18-24) could be true.
  - sokoloff 9y ago
    Per this: https://dqydj.com/household-income-percentile-calculator-2016/ https://dqydj.com/household-income-percentile-calculator-201... it's 26.3% of households with incomes over $100K. I saw another estimate of 125 million households, so it could well be ~33 million households with >=$100K household income. (I'm not so much quibbling with numbers as trying to get across that "it's a lot of people")

astura 9y ago

No you can't. The CARD Act of 2009 explicitly forbids this. You can't include anyone else's income if you are under 21. Even after you're 21 you're supposed to only include someone else's income if you have access to it. If your parents don't give you a stipend then you aren't supposed to include their income.

ada1981 9y ago
Thanks!