Fafsa question regarding income

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moggendaz
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Joined: Wed Feb 24, 2010 9:28 pm

Fafsa question regarding income

Postby moggendaz » Wed Feb 16, 2011 2:46 pm

I worked as a nanny for a year after undergrad (last year). The deal was that I would receive free room and board plus $200 per month in exchange for watching the kids during the day. I didn't file taxes for that year and was wondering what to put for "income earned from work"?

HOPEFORCHANGE
Posts: 340
Joined: Fri Feb 04, 2011 12:22 am

Re: Fafsa question regarding income

Postby HOPEFORCHANGE » Wed Feb 16, 2011 9:28 pm

Do you mean you are going to file taxes later for the work or you're not going to? If you have no intention of filing, I'd either file the taxes or roll the dice with saying you didn't work. If you are going to file taxes, just put your stipend I guess. But honestly, not to lecture, but you don't want IRS problems.

HOPEFORCHANGE
Posts: 340
Joined: Fri Feb 04, 2011 12:22 am

Re: Fafsa question regarding income

Postby HOPEFORCHANGE » Thu Feb 17, 2011 3:00 am

I really think you should file taxes for everything and even consult some local free authority who can advise you on this. The room and board probably counts too.

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drdolittle
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Joined: Tue Mar 09, 2010 4:15 am

Re: Fafsa question regarding income

Postby drdolittle » Thu Feb 17, 2011 3:17 am

What you got is accession to wealth and is therefore taxable. To be perfectly legal for tax purposes, you should definitely file a return for last year, including the value of your room and board plus the cash (ask a tax advisor about details). Then use your return to complete fafsa. Chances are your adjusted income will still be small enough not to substantially affect your aid, or pay any tax.




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