Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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- Posts: 23
- Joined: Wed Feb 24, 2010 9:28 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"?
- Posts: 340
- Joined: Fri Feb 04, 2011 12:22 am
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.
- Posts: 628
- Joined: Tue Mar 09, 2010 4:15 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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