Will dad no longer be able to declare me as dependent? fafsa

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
User avatar
gbpackerbacker
Posts: 634
Joined: Sun May 17, 2009 12:13 am

Will dad no longer be able to declare me as dependent? fafsa

Postby gbpackerbacker » Sat Jan 29, 2011 6:31 pm

When filling out my FAFSA for law school, it designated me as an "'independent' student." If I submit the form, will my dad no longer be able to declare me as his dependent on his tax form?

theantiscalia
Posts: 320
Joined: Mon Mar 15, 2010 11:18 pm

Re: Will dad no longer be able to declare me as dependent? fafsa

Postby theantiscalia » Sat Jan 29, 2011 6:35 pm

He'll be able to claim you as a dependent and even take advantage of your educational tax breaks.

You'll be independent for federal student aid purposes. (You want to be, so do this, because you'll have a lower EFC.)

You'll still be dependent for federal tax purposes as long as he provides more than half of your support. See IRS Publication 501.

I'm a CPA... feel free to PM me if you have other questions.

liltay357
Posts: 72
Joined: Thu Sep 02, 2010 3:59 pm

Re: Will dad no longer be able to declare me as dependent? fafsa

Postby liltay357 » Sat Jan 29, 2011 6:36 pm

I was wondering the same thing, I was told that for grad programs your considered independant although they may still request your parents information.

theantiscalia
Posts: 320
Joined: Mon Mar 15, 2010 11:18 pm

Re: Will dad no longer be able to declare me as dependent? fafsa

Postby theantiscalia » Sat Jan 29, 2011 6:39 pm

liltay357 wrote:I was wondering the same thing, I was told that for grad programs your considered independant although they may still request your parents information.


You are for FAFSA purposes. Some schools (of the ones I applied to, Cornell, Penn, and Vandy) require you to submit additional information about your parents, but under no circumstances would I put it in there for the FAFSA. The parental information - if needed - will come through on the need access form.

User avatar
gbpackerbacker
Posts: 634
Joined: Sun May 17, 2009 12:13 am

Re: Will dad no longer be able to declare me as dependent? fafsa

Postby gbpackerbacker » Sat Jan 29, 2011 6:53 pm

theantiscalia wrote:He'll be able to claim you as a dependent and even take advantage of your educational tax breaks.

You'll be independent for federal student aid purposes. (You want to be, so do this, because you'll have a lower EFC.)

You'll still be dependent for federal tax purposes as long as he provides more than half of your support. See IRS Publication 501.

I'm a CPA... feel free to PM me if you have other questions.


Problem solved, thank you for your help!




Return to “Financial Aid”

Who is online

Users browsing this forum: No registered users and 2 guests