Dumb question, but need to know Forum

[KibblesnBitts]

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?

[03121202698008]

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.

[KibblesnBitts]

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!

[Legacy Rabbit]

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

[03121202698008]

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.