Do I need to file my taxes for FAFSA?

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scantronix
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Do I need to file my taxes for FAFSA?

Postby scantronix » Thu Dec 11, 2008 4:39 pm

I didn't make enough $ on books last year to have to pay so I didn't file. Am I going to need to go do that to fill out the FAFSA on January 1? I got my Pell grant as an undergrad but I haven't filled out a FAFSA in like 3 years and I forget what's on it. I wasn't earning any $ as an undergrad really and I think I maybe filed once. I got federal grants for all four years though. Can't you just check "I did not earn enough to file taxes?" I must have done something like that because I didn't have returns. Perhaps it is different now that I am over 24?

AZisHOTgetmeout
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Re: Do I need to file my taxes for FAFSA?

Postby AZisHOTgetmeout » Thu Dec 11, 2008 4:47 pm

scantronix wrote:I didn't make enough $ on books last year to have to pay so I didn't file. Am I going to need to go do that to fill out the FAFSA on January 1? I got my Pell grant as an undergrad but I haven't filled out a FAFSA in like 3 years and I forget what's on it. I wasn't earning any $ as an undergrad really and I think I maybe filed once. I got federal grants for all four years though. Can't you just check "I did not earn enough to file taxes?" I must have done something like that because I didn't have returns. Perhaps it is different now that I am over 24?


Does anyone claim you as a dependent?

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scantronix
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Re: Do I need to file my taxes for FAFSA?

Postby scantronix » Thu Dec 11, 2008 4:50 pm

No.

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scantronix
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Re: Do I need to file my taxes for FAFSA?

Postby scantronix » Thu Dec 11, 2008 5:35 pm

Does that mean I do or I don't?

emoticons777
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Re: Do I need to file my taxes for FAFSA?

Postby emoticons777 » Thu Dec 11, 2008 5:37 pm

You DO NOT need to file your taxes before you fill out the FAFSA. You can make educated (HONEST) guesses to fill in the information. Once you do file your taxes, you need to go back in and update your FAFSA.

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jennylynn
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Re: Do I need to file my taxes for FAFSA?

Postby jennylynn » Thu Dec 11, 2008 6:21 pm

Emoticons is right. You can guess at first, but you will eventually have to file in order for the government to consider your numbers legit. Go ahead and file as soon as you can after Jan 1 and then fill out the 2009-2010 FAFSA (if you're planning on starting in the fall).

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scantronix
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Re: Do I need to file my taxes for FAFSA?

Postby scantronix » Thu Dec 11, 2008 6:53 pm

I dunno. I never filed as an undergrad and I got full pell grants plus federal loans. But I honestly did not make enough to have to file, just like now (I majored in philosophy).

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jennylynn
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Re: Do I need to file my taxes for FAFSA?

Postby jennylynn » Thu Dec 11, 2008 10:18 pm

You didn't need to as an undergrad because you were considered a dependent. Your loans/grants, therefore, were based on your parents' income. As a grad student, however, you are considered an independent by the government and your loan application (the FAFSA) must have your income on it.

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scantronix
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Re: Do I need to file my taxes for FAFSA?

Postby scantronix » Thu Dec 11, 2008 10:30 pm

Okay but I just need to answer honestly then correct? I really didn't make enough to pay taxes and therefore, out of laziness, I probably won't do it. My W2's will confirm that I was a slacker who was not making any money. As long as I tell them that, I don't have to actually file right?

emoticons777
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Re: Do I need to file my taxes for FAFSA?

Postby emoticons777 » Thu Dec 11, 2008 10:31 pm

It will really probably take only 10 minutes to fill out and file a 1040EZ, which is what I'm assuming you would need to do. Other than that, take the information on your W2 to fill out your FAFSA. Schools have to audit a certain amount of their financial aid apps each year, and you need to be able to verify what you put.

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jennylynn
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Re: Do I need to file my taxes for FAFSA?

Postby jennylynn » Thu Dec 11, 2008 11:03 pm

Yeah, bad things happen if you get put under verification and you can't prove that your numbers are what you said they are.

AZisHOTgetmeout
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Re: Do I need to file my taxes for FAFSA?

Postby AZisHOTgetmeout » Fri Dec 12, 2008 10:58 am

scantronix wrote:Okay but I just need to answer honestly then correct? I really didn't make enough to pay taxes and therefore, out of laziness, I probably won't do it. My W2's will confirm that I was a slacker who was not making any money. As long as I tell them that, I don't have to actually file right?


if you worked somewhere, you should just file. it might even helps with loans and stuff since your income will apparently be so low.

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JuryDueT1000
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Re: Do I need to file my taxes for FAFSA?

Postby JuryDueT1000 » Fri Dec 12, 2008 11:04 am

Another question on this subject:

My wife and I made roughly $100k together last year. But obviously that's going to drop significantly once I begin school because she's going to be the only income. Also we have a mortgage, two cars, etc. so there is a great deal of financial obligations ON TOP of tuition.

How are they going to look at my need. Because even though I made good money, and she'll still pull a decent income, I still NEED to borrow money to pay for these expenses.

(Note: I'm taking a full ride scholarship, so the money is basically for my hefty living expenses while I'm in school).

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VictoryFord
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Re: Do I need to file my taxes for FAFSA?

Postby VictoryFord » Fri Dec 12, 2008 11:18 am

i stopped living with my parents 3.5 years ago but i think they still claim me as a dependent. will this affect anything? can they still do this while i'm in grad school? am i just not considered a dependent as far as fin aid is concerned?

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JuryDueT1000
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Re: Do I need to file my taxes for FAFSA?

Postby JuryDueT1000 » Fri Dec 12, 2008 11:37 am

bump

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jennylynn
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Re: Do I need to file my taxes for FAFSA?

Postby jennylynn » Fri Dec 12, 2008 11:46 am

JuryDueT1000 wrote:Another question on this subject:

My wife and I made roughly $100k together last year. But obviously that's going to drop significantly once I begin school because she's going to be the only income. Also we have a mortgage, two cars, etc. so there is a great deal of financial obligations ON TOP of tuition.

How are they going to look at my need. Because even though I made good money, and she'll still pull a decent income, I still NEED to borrow money to pay for these expenses.

(Note: I'm taking a full ride scholarship, so the money is basically for my hefty living expenses while I'm in school).


Your income will not change the total amount of loan money you can take out. it will just determine whether that total amount will be made up of subsidized or unsubsidized money. If you submit your FAFSA and the results don't accurately reflect your financial situation, you can contact the financial aid department of your institution and ask for a profession judgement to be made. Just be prepared to submit a lot more paperwork.

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jennylynn
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Re: Do I need to file my taxes for FAFSA?

Postby jennylynn » Fri Dec 12, 2008 11:47 am

VictoryFord wrote:i stopped living with my parents 3.5 years ago but i think they still claim me as a dependent. will this affect anything? can they still do this while i'm in grad school? am i just not considered a dependent as far as fin aid is concerned?

In the eyes of the government, once you graduate from your undergrad degree (or turn 24 or get married or have a kid), you are independent. Your finances will be the only thing that the government cares about on the FAFSA.

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VictoryFord
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Re: Do I need to file my taxes for FAFSA?

Postby VictoryFord » Fri Dec 12, 2008 11:52 am

jennylynn wrote:
VictoryFord wrote:i stopped living with my parents 3.5 years ago but i think they still claim me as a dependent. will this affect anything? can they still do this while i'm in grad school? am i just not considered a dependent as far as fin aid is concerned?

In the eyes of the government, once you graduate from your undergrad degree (or turn 24 or get married or have a kid), you are independent. Your finances will be the only thing that the government cares about on the FAFSA.

cool. thank you for your help.

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jennylynn
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Re: Do I need to file my taxes for FAFSA?

Postby jennylynn » Fri Dec 12, 2008 11:59 am

Quite welcome. :) I've slaved away as a student worker in the financial aid office of my college for three years, so at least my random loan knowledge will come in handy here. :wink:

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JuryDueT1000
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Re: Do I need to file my taxes for FAFSA?

Postby JuryDueT1000 » Fri Dec 12, 2008 12:04 pm

jennylynn wrote:Quite welcome. :) I've slaved away as a student worker in the financial aid office of my college for three years, so at least my random loan knowledge will come in handy here. :wink:


Yes, seriously thank you. Do you think the amount of money we made last year will prevent me from getting a subsidized Stafford loan for the max amount? I think it's $18,500.

Again, while we made a lot of money, we have a lot of money in bills, so my need is just as great as somebody who makes less.

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jennylynn
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Re: Do I need to file my taxes for FAFSA?

Postby jennylynn » Fri Dec 12, 2008 12:06 pm

It's hard to tell. I believe the FAFSA takes everything in account, but until you actually fill it out, it's impossible to know. I will tell you that usually you have to have a pretty low income to get the max amount of sub loans available, but most people manage to get at least a portion in sub.

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VictoryFord
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Re: Do I need to file my taxes for FAFSA?

Postby VictoryFord » Fri Dec 12, 2008 12:07 pm

8,500 subsidized. 20,500 all together.




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