FAFSA Questions:
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parentalunit2
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Both the student and the parents need to report their income on the FAFSA and that would include any unemployment received for the stated time period. There is no separate line item for it, it would just be included on the income line.
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Some high school guidance departments have assistance with this process. You have to do you portion, and your parents, theirs. Make sure you have a handle on this, especially if this is you/your guardians first time.
One of my kiddos did his wrong. Claimed dependency incorrectly (on taxes, that rolled into this), an it was a big mess. Point is, this is how your financial aid is determined, so make sure done properly. Good for you for tending to it!
One of my kiddos did his wrong. Claimed dependency incorrectly (on taxes, that rolled into this), an it was a big mess. Point is, this is how your financial aid is determined, so make sure done properly. Good for you for tending to it!
NJROTC-CC
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Yes, I just did it. On the student section the student cannot claim his or her self as a dependent.
IMHO the parent and student should sit down at the computer and do it together. You will need both of your own phones to receive text and e-mail codes to verify your contacts and identities. You will need your W-2 and tax return from 2020. We had some issues and called the help line and, surprisingly, not only did we get through to a live person on a Sunday, but they were actually very helpful.
parentalunit2
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I'm not exactly clear on this advice. If the student is a dependent, they should state that. If the student is not a dependent, they should state that on the form. Everyone's situation will vary based on their own unique circumstances.
NJROTC-CC
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The form asks how many dependants the parent how has, which includes the student. I think it also asks how many dependents the student has. For most high school seniors, the answer will be zero.
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This is what, in essence, my post was about…my oldest doing his TAXES dependency incorrectly (unbeknownst to me), that roll into the FAFSA (so therefore FAFSA is incorrect) if you use the ‘link IRS’ option (which makes things MUCH easier).
So, as some financial aid is limited (I don’t claim to understand the nuances of school financial aid, but some of it is a set amount and when it’s gone, it’s gone), having to clean up this mess that we did? He missed out on some potential aid.
My point, is to not bulldoze though this, willy-nilly. IMO, the ‘dependency’ piece especially. A newly out of the home student my think they are independent, when in actuality, according to IRS rules, maybe (in our case) they aren’t. So when the PARENT does their taxes AFTER their kid, and both claim the student as a dependent? Result is a mess that potentially roles into the FAFSA. Affecting their financial aid. It happens
The fact that the kid got a huge chunk of cash that they spent right away
is a whole other story….
NJROTC-CC
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If your student didn’t earn any income or file a tax return in 2020, the FAFSA form is easy. If your student had income and filed a tax return, it is more complicated and I cannot speak to that. My DS didn’t work in 2020 and barely has “a pot to piss in.” So it was easy. (At least I thought it was and I hope we didn’t screw it up!)
lipton_hot_tea
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I'm not sure if this was mentioned but IRS dependent or not is different that federal financial aid dependent or not. Even if parents don't claim a student with the IRS the student has to meet the criteria for being independent for federal financial aid.