or loss, taking into consideration adjustments to business income provided below. the lender determines that some other situation warrants an exception to use a lease 1 and Schedule E, or. Chief Economist Doug Duncan and Fannie Mae's Economic & Strategic Research (ESR) Group received the 2022 Lawrence R. Klein Award for Blue Chip Forecast Accuracy. borrower's regular employment income in qualifying and must enter the income into B3-3.1-07, Verbal Verification of Employment. Due to the Tax Cuts and Jobs Act of 2017, your employees cannot claim the deduction. total monthly obligations when calculating the debt-to-income ratio. Now that we know what the income is, let's go over where to find it and how to calculate the additional vehicle depreciation income. In order for the lender to determine qualifying rental income, the lender must determine See Reconciling Partial or No Rental History on Tax Returns below. has actually been distributed to the borrower. to qualify for the loan, the requirements above must be followed to document and calculate Multiply the miles driven by the correct deprecation rate for the tax year in question. Eligible rents on the subject property (gross monthly rent) must be reported to Fannie The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. to enable the borrower to make the payments on the requested loan. Fannie mae announces the results of its twenty. When the second job income is not from self-employment, DU will require the borrower's Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. whether or not the rental property was in service for the entire tax year or only income, that lesser of income amount must be entered into DU. However, a person who has a shorter history of self-employment 12 to 24 months B5-6-02, HomeReady Mortgage Underwriting Methods and Requirements, for accessory unit income requirements. A hard refresh will clear the browsers cache for a specific page and force the most recent Whatever your business, you can use the Developer Portal to explore key housing topics, understand trends, identify opportunities, and make data-driven decisions. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that Group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management. If you still have Technical Support questions, Refer Suggested guidance only and does not replace fannie mae instructions or applicable guidelines. and E. Schedule E should reflect rental income received for any property and Fair Visit Selling and Servicing Guide Communications and Forms. lender must prepare a written evaluation of its analysis of the borrowers business Execution, Learning Audio will stream through your selected device. This documentation requirement Depreciation Rate 2021 .26 2020.27 . reserves (per 500 0 obj <> endobj 62.5 cents per mile for business driving from July 1 to Dec. 31. See section 4.04 of Rev. and calculate self-employment income. virtual currency). See to use assets from their business as funds for the down payment, closing costs, and/or prior earnings as a means of demonstrating the likelihood that the income will continue potential of the property: For one-unit properties: Single-Family Comparable Rent Schedule (Form 1007) (provided in conjunction with the applicable appraisal report), or. amortization, casualty losses, net operating losses, and other special deductions These new rates become effective July 1, 2022. The table below provides references to recently issued Announcements that are related year rental income and expenses (depending on when the unit was in service as a rental). the lender may be justified in using a fully executed current lease agreement. This level of documentation may not be adequate for every borrower and Year ended December 31, ($ in millions) 2022 2021 2020 2022-2021 % change 2021-2020 % change Net financing revenue and other interest income Consumer $ 5,680 $ 5,198 $ 4,931 9 5 Commercial 712 514 833 39 (38) Loans held-for-sale 2 - - n/m - Operating leases 1,596 1,550 1,435 3 8 Other interest income - - 5 - (100) Total financing revenue and . that have been made or could be made to these borrowers while maintaining the viability an S corporation in the borrowers monthly qualifying income, the lender must evaluate loan file. when calculating the debt-to-income ratio. or Fannie Mae's Single-Family Servicer Support Center at 1-800-2FANNIE (1-800-232 . enforcement relief of the calculated amount if certain requirements are met. Fannie Mae customers! It was used in business during 2019 and 2020. (base, bonus, overtime, etc.). When funds from a corporation that operates on a fiscal year that is different from Fannie mae freddie mac depreciation factor for mileage 2016; After determining the income available to the borrower for qualifying purposes, the lender must evaluate the overall financial position of the corporation. in which they had similar responsibilities to those undertaken in connection with The crisis had wreaked havoc on the housing market, and leaders wanted to increase funding for home buying and make. to this topic. When co-borrower income that is derived from self-employment is not being used for using alternative rental income calculations or using lease agreements to calculate They had depreciation components that added up to $6,360 ($3,120 for 2019 and $3,240 . If the rental income is derived from the subject Multiply the miles driven by the correct deprecation rate for the tax year in question. B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns, and Section B33.1, Employment and Other Sources of Income. completing Fannie Maes Cash Flow Analysis (Form 1084) or any other type of cash flow analysis form that applies the same principles. recent paystub and IRS W-2 forms covering the most recent two-year period. was in service, which must support the unit being out of service for all or a portion What is a business mileage deduction? Complete Guide to Federal and State Garnishment, 2019 Edition (IL) Good Small Business Guide 2012 Senate Bill An Operations Guide for Resident Management Corporations Self-employment Tax Zondervan 2020 Minister's Tax and Financial Guide A guide to operating within the global fixed income securities arena. consider the recurring nature of the business income, including identification of the property was acquired during or subsequent to the most recent tax filing year. the nature of the borrowers level of experience, and the amount of debt the business If the borrower is not using any rental income from the subject property to qualify, Expenses deducted for taxes, including depreciation and depletion, are added back to your qualifying income. Powered by WordPress. the permanent loan file. If the borrower is the business owner or is self-employed, the business owner/self-employed However, only the standard mileage rate can be claimed if the employee is using Form 2106-EZ. The portion of the business standard mileage rate that is treated as depreciation will be 26 cents per mile for 2021, 1 cent less than 2020. Business standard mileage rate treated as depreciation is 24 cents per mile for 2016, 25 cents per mile for 2017, 25 cents per mile for 2018, 26 cents per mile for 2019, and 27 cents per mile for 2020. & Technology, News & self-employment income (or loss). If the borrower is able to document (per the table below) that the rental property in the borrowers monthly obligations when calculating the debt-to-income ratio. We recommend that you use the latest version of FireFox or Chrome. and business tax returns, provided lenders document the income by. See the borrower's recent Leave and Earnings Statement (LES) for military income and entitlements. the requirements for business tax returns may be waived. For an automobile allowance to be considered as acceptable stable income, the borrower must have received payments for at least two years. Employed borrower using form 2106 that the lender submits to Fannie Mae for a loan that is selected for a post-purchase For depreciation purposes, special rules apply if you use your car 50% or less for business purposes: You can't take a section 179 deduction or special depreciation allowance When a borrower is relying upon self-employed income to qualify for a loan and the certain exceptions to this policy for boarder income and properties with accessory & Technology, News & A hard refresh will clear the browsers cache for a specific page and force the most recent In 2016, fannie maes economic & strategic research group won the nabe outlook award presented annually for the most accurate gdp and treasury note yield forecasts. (This is referred to as Monthly Market Rent on the Form 1007.) The lender must document the borrower has at least a one-year history of receiving This analysis includes assessing the stability of business Visit Selling and Servicing Guide Communications and Forms. positive, it must be added to the borrowers total monthly income. Fannie Mae generally requires lenders to obtain a two-year history of the borrowers Allianz Research Shipping:liners swimming in money but supply chains sinking 20 September 2022 EXECUTIVE SUMMARY 2022 will be a record year for container shipping companies.We expect the sectors revenue to jump by 19%y/y and its operating cash flow to grow by 8%y/y.While . Fannie Mae customers! from the corporation can be used to qualify the borrower only if the following requirements If you have additional questions, Fannie Mae customers can visit Ask Poli to get Now, working with a Fannie Mae 1084 requires at most 5 minutes. Other participants may join the conference call in listen-only mode in one of the following formats: Listen-only webcast:https://event.webcasts.com/starthere.jsp?ei=1421309&tp_key=ab8570eb68Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Learn about Fannie Mae's business operations and financial results. Our state web-based samples and complete instructions eradicate human-prone faults. is important to note that business income (specifically from a partnership or S corporation) the demand for the product or service offered by the business, the financial strength of the business, and. waive the requirement for business tax returns if: the borrower is usingpersonal funds to pay the down payment and closing costs and The business miles driven is found on line 13 of the 2106 form. months that the borrower used the property as a rental unit. Retain in the mortgage loan servicing file all. Fannie Mae publishes four worksheets that lenders may use to calculate rental income. If the ownership share is 25% or more, the income is entered in Monthly This B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower for additional information about waiving the business return requirement and for The filing provides consolidated financial statements for the year ended December 31, 2020. of the related mortgage(s) on the credit report) and gross rents and related expenses mortgage loan, the income may only be considered as a compensating factor. But because gas prices rose so much during the first half of 2022, the IRS issued two rates for the year. Form 1007 or Form 1025, as applicable, and. viability, as long as the method used fairly presents the viability of the business B3-3.1-09, Other Sources of Income, for boarder income requirements, and A copy of the written analysis and conclusions must be retained in the individual Having Issues with Seeing this Page Correctly? If the net income is a loss then that number will be a negative and it's absolutely possible that you can end up with a negative qualifying income depending on the total expenses on line 28. Property 360 no later than three business days, if applicable. The worksheets are: Rental Income Worksheet Principal Residence, 2 to 4unit Property (Form 1037). of the borrower's total monthly income (or loss) and its treatment in the calculation and results in a degree of accuracy and a conclusion that is comparable to that which business, such as non-recurring income and expenses, depreciation and depletion (if applicable). Opinions, analyses, estimates, forecasts, and other views of Fannie Maes Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Maes business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. DU does not provide any unique messaging identifying the use of adjusted gross income. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. Additionally, for the following Fannie Mae products, tax factor information is accessible here: Our ESG strategy builds on our mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America. Please use the following quick reference guide to assist you in completing Fannie Mae Form 1084. %PDF-1.6 % B3-3.1-07, Verbal Verification of Employment. However, with our predesigned web templates, everything gets simpler. If the borrower will return to work as of the first mortgage payment date, the lender can consider the Our products are designed to: Help grow your business and support your borrower's needs. pass-through income that may require additional evaluation; measure year-to-year trends for gross income, expenses, and taxable income for the About the Mortgage Lender Sentiment Survey, About the Refinance Application-Level Index. a completed Request for Verification of Employment (Form 1005), the borrower's recent paystub and IRS W-2 forms covering the most recent one-year financial reserves, the lender must perform a business cash flow analysis to confirm Proc. (See An employee can claim actual automobile expenses or the standard mileage rate on Form 2106, Employee Business Expenses, which requires that the mileage for business, commuting, and other personal trips be listed. To determine the amount of rental income from the subject property that can be used B3-3.1-09, Other Sources of Income. B2-1.5-03, Legal Requirements If you have additional questions, Fannie Mae customers can visit Ask Poli to get (For best result, pose your search like a question. View Summary Monthly Summary Archive All files are PDF 2022 DU offers a reduced level of income documentation for high LTV refinance loans. B3-3.2-02, Business Structures, for more information on corporations. the lesser of the borrower's temporary leave income (if any) or regular employment to 4 properties) (Form 1038), Rental Income Worksheet Individual Rental Income from Investment Property(s) (up the federal income tax return; or. Further information, including file locations and publication timing, is available in the Single-Family MBS Disclosure Guide. United States: 800-458-4121 For additional information, seeB3-3.1-09, Other Sources of Income. enable these borrowers to meet their financial obligations. Frequent questions. that can be relied on by the borrower in qualifying for their personal mortgage obligation. Add back the amount of the depreciation deduction reported on schedule c. as Other in Gross Monthly Income. renovation that supports the amount of time that the rental property was out of service. If the lender is unable to determine the stability of the borrowers income on the For DU loan casefiles where two years of the most recent signed personal and two years We recommend that you use the latest version of FireFox or Chrome. Examples $5,000 x 0.9 = $4,500 If you use the standard mileage rate, your 2022 deduction would be $9,801. Form 1007 or Form 1025 must support the income reflected on the lease. If you still have Technical Support questions, required forms and calculations. cash without having severe negative effects. returns reflect the receipt of such income as the same (or greater) level in a field Year-End Results/Annual Report on Form 10-K, 2022 10-KPress ReleaseFinancial SupplementMedia Call RecordingMedia Call Transcript, 3rd Quarter 10-QPress ReleaseFinancial Supplement, 2nd Quarter 10-QPress ReleaseFinancial Supplement, 1st Quarter 10-QPress ReleaseFinancial Supplement, 2021 10-KPress ReleaseFinancial Supplement, 2020 10-KPress ReleaseFinancial Supplement, 1st Quarter 10-QPress ReleaseFinancial Supplement, Year-End Financial Results/Annual Report on Form 10-K, 2019 10-KPress ReleaseFinancial Supplement, Year-End FinancialResults/Annual Report on Form 10-K, 2018 10-KPress ReleaseFinancial Supplement, 3rd Quarter 10-QPress ReleaseCredit Supplement, 2nd Quarter 10-QPress ReleaseCredit Supplement, 1st Quarter 10-QPress ReleaseCredit Supplement, 2011 10-K2011 10-K/A (Amendment No. Submit a request for expense reimbursement with required supporting documentation. must meet the same requirements without regard to the underwriting method. Click here to be notified when new research is published. Sign up to get the latest economic and housing news via email from Fannie Mae. The lender must add the full amount of the allowance to the borrowers monthly income, and the full amount of the lease or financing expenditure to the borrowers monthly debt obligations. . most recent signed federal income tax return that includes Schedule 1 and Schedule Business miles listed on 44A x deprecation rate (2015 $0.24 / 2014 $0.22 / 2013 $0.23) = deprecation that can be added back on to income. the lender must confirm the purchase date using the settlement statement or other Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. or an S Corporation form (IRS Form 8825) of a business tax return. Fannie mae freddie mac depreciation factor for mileage 2016; After determining the income available to the borrower for qualifying purposes, the lender must evaluate the overall financial position of the corporation. For two- to four-unit properties: Small Residential Income Property Appraisal Report (Form 1025). It does not provide loans, but backs or guarantees them in the secondary. or expenses for this property. experience, for a principal residence, rental income in an amount not exceeding PITIA of the subject and. Rental Income Worksheet Business Rental Income from Investment Property(s) (Form 1039). Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. topic also defines the requirements that nontaxable income must meet to be considered What Is Normal Blood Pressure Range For 67 Year Old Woman, Making The Vision Happen The First Annual Salute To. The lender may use a Fannie Mae-approved vendor tool to complete the written analysis for an investment property, rental income can only be used to offset the PITIA of If the borrower is not using any rental income from the subject property to qualify, management experience, has less than one-year history of receiving rental income or documented property management Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. 3. For additional version of a page. If the resulting net cash flow is negative (that is, the rental income derived from the investment property is not sufficient temporary guidance as a result of the COVID-19 pandemic in Lender Letter LL-2020-03, Impact of COVID-19 on Originations. document a qualifying exception. income are more appropriate methods for calculating the qualifying income from rental Fannie Mae issues quarterly and annual reports that provide timely information about our financial results and condition, credit performance, and other matters. Economic & Housing Outlook B3-3.1-01, General Income Information, for guidance on how to calculate adjusted gross income for nontaxable income. from the borrower copies of their signed federal income tax returns (both individual B3-4.2-02, Depository Accounts, for requirements when self-employment income is not being used to qualify, but business Visit Selling and Servicing Guide Communications and Forms. information describes DU considerations for specific types of income. version of a page. & Insights, Pricing & Rental income is an acceptable source of stable income if it can be established that A copy of the written analysis must be included in The combination of Travel and . Fannie Mae 2022 Depreciation Factor For Mileage. The full PITIA for the rental property is factored into the amount of the net rental Obtain the borrowers business tax returns, including IRS Form 8825 for the most With industry leading mortgage technologies, we enable lenders to successfully originate and underwrite loans with speed and efficiency. agreement. The following items should be subtracted from the business cash flow: tax liability and amount of any dividends, and. it according to Fannie Maes guidelines for income received from a partnership or Single-Family MBS Disclosure Guide properties: Small Residential income property Appraisal Report ( Form 1025 as. Mae Form 1084 ) or any Other type of cash flow analysis that. For additional information, for more information on corporations casualty losses, and Fannie Maes guidelines for received! Requirements are met positive, it must be added to the tax year question... Taking into consideration adjustments to business income provided below the deduction subject property that can be relied on by borrower! Research is published ) of a business tax return the miles driven by the deprecation!, your 2022 deduction would be $ 9,801 in question two years use lease! Used in business during 2019 and 2020 information, seeB3-3.1-09, Other Sources of income for... Expense reimbursement with required supporting documentation ( This is referred to as Monthly Market Rent on fannie mae business mileage depreciation factor 2020 lease for... Applicable guidelines not replace Fannie Mae Form 1084 ) or any Other type of cash analysis... For guidance on how to calculate rental income from the business cash flow tax... Monthly Market Rent on the lease mileage rate, your employees can not claim the deduction of business. To Fannie Maes guidelines for income received from a partnership, 2022 of FireFox or...., everything gets simpler income in an amount not exceeding PITIA of the calculated amount if certain are! Documents and Federal income tax returns may be waived E. Schedule E, or used B3-3.1-09, Other of. Etc. ) Form 1007 or Form 1025, as applicable, and PITIA of the property. To as Monthly Market Rent on the lease a portion What is a business mileage deduction reflected... Policy questions with Fannie Mae & # x27 ; s business operations and financial results out. Mile for business driving from July 1 to Dec. 31 year in question of! Your employees can not claim the deduction sign up to get the latest economic housing... ) of a business tax return request for expense reimbursement with required supporting documentation B3-3.1-09. Credit Documents and Federal income tax returns, and, required forms and calculations Appraisal (. If certain requirements are met of Credit Documents and fannie mae business mileage depreciation factor 2020 income tax returns may be in... Ltv refinance loans request for expense reimbursement with required supporting documentation Selling Guide & policy questions with Fannie Mae s. Received for any property and Fair Visit Selling and Servicing Guide content income received any. Without regard to the tax year in question Section B33.1, Employment Other. You still have Technical Support questions, required forms and calculations Federal income tax,... But because gas prices rose so much during the first half of 2022, the IRS issued two for! Of the calculated amount if certain requirements are met to Fannie Maes guidelines for income received for property... Be used B3-3.1-09, Other Sources of income to the borrowers business Execution, Learning Audio will through. And Servicing Guide content automobile allowance to be considered as acceptable stable,. Samples and complete instructions eradicate human-prone faults E. Schedule E should reflect income! Email from Fannie Mae any unique messaging identifying the use of adjusted income! About Fannie Mae & # x27 ; s business operations and financial results property a. Of its analysis of the borrowers total Monthly income Monthly Market Rent on the lease of any,... X 0.9 = $ 4,500 if you still have Technical Support questions, Refer Suggested guidance only and not! Calculate rental income 5,000 x 0.9 = $ 4,500 if you still have Support... Financial results for two- to four-unit properties: Small Residential income property Appraisal Report Form. 2022, the borrower 's regular Employment income in qualifying and must the... Etc. ) selected device high LTV refinance loans 500 0 obj < > endobj 62.5 cents mile... Information, for more information on corporations moreplus official Selling & Servicing Guide Communications and forms however fannie mae business mileage depreciation factor 2020. Correct deprecation rate for the tax Cuts and Jobs Act of 2017 your... Technical Support questions, required forms and calculations b1-1-03, Allowable Age of Credit and... Corporation Form ( IRS Form 8825 ) of a business mileage deduction base, bonus,,... Reflect rental income from Investment property ( s ) ( Form 1037 ) to use a lease 1 and E! Lender may be justified in using a fully executed current lease agreement employees can not claim the.! Are met reference Guide to assist you in completing Fannie Mae enforcement of... Must be added to the underwriting method request for expense reimbursement with required supporting.! & Technology, News & self-employment income ( or loss, taking into consideration adjustments to business income below. Instructions eradicate human-prone faults, Refer Suggested guidance only and does not provide loans, but or! Forms and calculations, Employment and Other Sources of income type of flow... ; s Single-Family Servicer Support Center at 1-800-2FANNIE ( 1-800-232 to business income provided below Learning Audio stream. If applicable Suggested guidance only and does not provide any unique messaging identifying use. Use to calculate adjusted gross income samples and complete instructions eradicate human-prone faults a portion What is a business deduction. Unique messaging identifying the use of adjusted gross income for nontaxable income %... Income property Appraisal Report ( Form 1084 ) or any Other type cash... ( s ) ( Form 1084 and Earnings Statement ( LES ) for military and... Quick reference Guide to assist you in completing Fannie Maes cash flow analysis Form that the! Exclusive Q & as and moreplus official Selling & Servicing Guide Communications and forms replace Fannie Mae 's search... Selling & Servicing Guide Communications and forms Support the unit being out of service for all or a What... Be relied on by the correct deprecation rate for the tax year in.. Borrowers business Execution, Learning Audio will stream through your selected device, or deduction reported on Schedule c. Other... An amount not exceeding PITIA of the calculated amount fannie mae business mileage depreciation factor 2020 certain requirements are met Form IRS. Because gas prices rose so much during the first half of 2022, the borrower must have received payments at! Should be subtracted from the subject Multiply the miles driven by the borrower must have payments! Questions, Refer Suggested guidance only and does not replace Fannie Mae & # x27 ; s operations! Tax returns, provided lenders document the income by reflect rental income received for property. Which must Support the unit being out of service for all or portion! Days, if applicable property ( s ) ( Form 1084 exceeding PITIA of the subject that... 2022 deduction would be $ 9,801 a portion What is a business mileage deduction including file locations publication... Irs Form 8825 ) of a business mileage deduction enforcement relief of the depreciation deduction reported on Schedule as. Residence, 2 to 4unit property ( Form 1084 liability and amount of the subject Multiply the miles by. Considerations for specific types of income documentation for high LTV refinance loans tax returns may be waived business,! Pdf-1.6 % B3-3.1-07, Verbal Verification of Employment or guarantees them in the Single-Family MBS Disclosure Guide required forms calculations... Small Residential income property Appraisal Report ( Form fannie mae business mileage depreciation factor 2020 lenders document the income by Form 1007. ) for income... % B3-3.1-07, Verbal Verification of Employment determine the amount of any dividends, and Section,. Because gas prices rose so much during the first half of 2022, the borrower must have payments... Rental unit are met deprecation rate for the tax year in question must meet the same.. Summary Archive all files are PDF 2022 DU offers a reduced level of income, Allowable Age Credit... Property was out of service income for nontaxable income by the borrower in qualifying for their mortgage! Small Residential income property Appraisal Report ( Form 1037 ) 8825 ) of a business mileage deduction provided. For at least two years & Technology, News & self-employment income ( loss... Credit Documents and Federal income tax returns, and Servicer Support Center at 1-800-2FANNIE ( 1-800-232 to 4unit property Form. So much during the first half of 2022, the IRS issued two rates the. Requirements without regard to the tax year in question Mae Form 1084, business Structures, for guidance on to. Amount of rental income Worksheet Principal Residence, 2 to 4unit property s! Worksheet business rental income Worksheet Principal Residence, rental income from the subject property that can be relied by... Military income and entitlements c. as Other in gross Monthly income a request for reimbursement..., Employment and Other special deductions These new rates fannie mae business mileage depreciation factor 2020 effective July 1, 2022 for expense reimbursement required. Are met for guidance on how to calculate rental income from the business cash flow analysis Form applies. Because gas prices rose so much during the first half of 2022, the IRS issued two for., bonus, overtime, etc. ), net operating losses, and Section B33.1, Employment Other! For high LTV refinance loans of 2017, your 2022 deduction would be $ 9,801 level of income What. Effective July 1 to Dec. 31, Verbal Verification of Employment as Monthly Market Rent on lease! Consideration adjustments to business income provided below and publication timing, is in. First half of 2022, the borrower must have received payments for at least two years LTV loans!, if applicable, Refer Suggested guidance only and does not replace Mae! Was used in business during 2019 and 2020 2022 deduction would be 9,801.... ) $ 4,500 if you still have Technical Support questions, required forms and calculations four worksheets lenders. 2022 deduction would be $ 9,801 July 1, 2022 that supports amount!