Dumb question, but need to know

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KibblesnBitts
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Dumb question, but need to know

Postby KibblesnBitts » Tue Nov 22, 2011 10:44 pm

So, as an undergraduate going straight to law school next year, I've been a tax-dependent under my parents. But this coming January when I fill out need-based-aid, I'll start filling out the forms as an independent, correct?

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Re: Dumb question, but need to know

Postby 03121202698008 » Tue Nov 22, 2011 10:49 pm

KibblesnBitts wrote:So, as an undergraduate going straight to law school next year, I've been a tax-dependent under my parents. But this coming January when I fill out need-based-aid, I'll start filling out the forms as an independent, correct?


It won't matter how you do your taxes. Grad students are independent for FAFSA purposes...but for need-based all schools consider your parents regardless of age, etc. Almost all law students are insolvent and have no assets. They'd all qualify otherwise.

If you have any income, you're and idiot to let your parents claim you...FWIW. Your parents are getting your exemption and most of your income is being taxed at their presumably higher rate.

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KibblesnBitts
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Re: Dumb question, but need to know

Postby KibblesnBitts » Tue Nov 22, 2011 11:00 pm

blowhard wrote:
KibblesnBitts wrote:So, as an undergraduate going straight to law school next year, I've been a tax-dependent under my parents. But this coming January when I fill out need-based-aid, I'll start filling out the forms as an independent, correct?


It won't matter how you do your taxes. Grad students are independent for FAFSA purposes...but for need-based all schools consider your parents regardless of age, etc. Almost all law students are insolvent and have no assets. They'd all qualify otherwise.

If you have any income, you're and idiot to let your parents claim you...FWIW. Your parents are getting your exemption and most of your income is being taxed at their presumably higher rate.


Fair enough. I didn't know FAFSA considers grad students independents. Thanks for the info!

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Legacy Rabbit
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Re: Dumb question, but need to know

Postby Legacy Rabbit » Sat Nov 26, 2011 8:14 pm

To be on the safe side you should call FAFSA. Confirming the above post, if you are making any type of income DO NOT allow your parents to claim you as their dependent. File your own 1040EZ and check that box that no one can claim you as a dependent. If you are wondering what 1040EZ is, that is the 1040 for people who make under a certain amount of income. More than likely you will fit under this umbrella. If you have any questions visit the irs.gov website

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Re: Dumb question, but need to know

Postby 03121202698008 » Sat Nov 26, 2011 9:59 pm

Legacy Rabbit wrote:To be on the safe side you should call FAFSA. Confirming the above post, if you are making any type of income DO NOT allow your parents to claim you as their dependent. File your own 1040EZ and check that box that no one can claim you as a dependent. If you are wondering what 1040EZ is, that is the 1040 for people who make under a certain amount of income. More than likely you will fit under this umbrella. If you have any questions visit the irs.gov website


FAFSA has nothing to do with this. They are just a means to collect the data. The rules are clear and contained within the FAFSA. When you check graduate student, it will tell you to fill out the parental information only if requested by the school.




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