Independent vs. Dependent

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bees
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Independent vs. Dependent

Postby bees » Sat Jan 23, 2010 6:22 pm

I did a quick search and couldn't find anything/maybe I just suck at using the search function but here goes:

I'm filling out my FAFSA and need someone to clear up the whole filing as an independent vs. a dependent when I do my taxes. I know I'm allowed to consider myself an independent since I'm pursuing a JD (if I claim dependency my parents incomes will greatly decrease the amount of money I'm awarded, even though they don't make enough to help me pay for law school in any significant way).

Do I have to file as an independent tax payer for 2009 in order to get more financial aid for 2010, even though my parents did pay my bills and such during 2009?

I'm sure there is a better way to ask this and please let me know if I need to clarify anything - this whole process has me a bit confused.

Thanks and again if there is a thread already covering this just link me.

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vanwinkle
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Re: Independent vs. Dependent

Postby vanwinkle » Sat Jan 23, 2010 6:24 pm

:shock:

So you actually were a dependent, but you're not going to let your parents claim that on their tax return and save some money so that you can try to maximize the chances of you getting need-based aid from a school, which unless you're going to HYS is pretty much 0 anyway?

Renzo
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Joined: Tue Dec 02, 2008 3:23 am

Re: Independent vs. Dependent

Postby Renzo » Sat Jan 23, 2010 6:25 pm

bees wrote:I did a quick search and couldn't find anything/maybe I just suck at using the search function but here goes:

I'm filling out my FAFSA and need someone to clear up the whole filing as an independent vs. a dependent when I do my taxes. I know I'm allowed to consider myself an independent since I'm pursuing a JD (if I claim dependency my parents incomes will greatly decrease the amount of money I'm awarded, even though they don't make enough to help me pay for law school in any significant way).

Do I have to file as an independent tax payer for 2009 in order to get more financial aid for 2010, even though my parents did pay my bills and such during 2009?

I'm sure there is a better way to ask this and please let me know if I need to clarify anything - this whole process has me a bit confused.

Thanks and again if there is a thread already covering this just link me.

Your IRS status as dependent/independent is meaningless to your FAFSA status. My wife will be a "dependent" this year for tax purposes because she didn't work last year, but would be independent if she went back to school.

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bees
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Joined: Tue Oct 20, 2009 11:50 pm

Re: Independent vs. Dependent

Postby bees » Sat Jan 23, 2010 6:46 pm

I was under the impression that independent/dependent status mattered for loans, I wasn't planning on getting need based aid.

I am way off here?

In that case, thanks and I'll stop worrying.

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thalassocrat
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Re: Independent vs. Dependent

Postby thalassocrat » Sat Jan 23, 2010 6:49 pm

bees wrote:I was under the impression that independent/dependent status mattered for loans, I wasn't planning on getting need based aid.

I am way off here?

In that case, thanks and I'll stop worrying.


They do for undergrad, not for further degrees.

Your IRS status as dependent/independent is meaningless to your FAFSA status.

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vanwinkle
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Re: Independent vs. Dependent

Postby vanwinkle » Sat Jan 23, 2010 6:50 pm

bees wrote:I was under the impression that independent/dependent status mattered for loans, I wasn't planning on getting need based aid.

Not for graduate loan consideration, it doesn't.

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bees
Posts: 310
Joined: Tue Oct 20, 2009 11:50 pm

Re: Independent vs. Dependent

Postby bees » Sat Jan 23, 2010 6:50 pm

Awesome, thanks to you all.




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