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How do I report taxable income from financial aid?

If I am 19 do I have to report my parents income for the Federal Student AId Application?

  • I do not want to have to include my parents income on my application for Federal student aid. Do I have to?

  • Answer:

    All of the answers so far are wrong. Nowhere on the FAFSA does it ask if your parents claim you on their taxes, so that is not even taken into consideration. Also, nowhere on the FAFSA does it ask you if you are paying for all your own expenses. The reason these things are not asked on the FAFSA is because they have absolutely no weight in determining your dependency status for federal student aid. With all that said, there are a series of questions on the FAFSA that determine whether or not parent information must be provided. These questions appear on Step 3 of the FAFSA and are as follows: Were you born before January 1, 1984? Are you married? Are you working on a Master's/Doctorate program? Do you have children that receive more than 50% financial support from you, or other dependents who live with you and receive more than 50% financial support from you? Are you an orphan or ward of the court? Are you a veteran of the Armed Forces? Note how "do you live with your parents?", "do your parents support you?" and "do your parents claim you on their taxes?" are NOT questions that are considered. If you cannot answer YES to any one of those questions, then you will be required to provide parent information on the FAFSA, REGARDLESS OF IF YOU LIVE WITH THEM OR NOT or if they claimed you on their taxes, or if you feel like you are independent of them. The federal government has determined that the first responsibility for funding a students education comes in the hands of the parents until that student reaches age 24 or becomes married (therefore starting their own family) or of course if that student is an orphan/ward of the court. Whether or not your parents decide to take that responsibility is their own individual choice.

lil_ny_s... at Yahoo! Answers Visit the source

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Other answers

I was not even going to answer this until I saw that all 4 of the existing answers are wrong. I am sure you will get a more detailed answer from someone else as well as me, but financial aid and income taxes are very very different when it comes to dependency. At 19 years old, you WILL need to submit your parents tax information to be considered for financial. Regardless of whether they support you or claim you on taxes, even if you live alone. Once you are 24, or get married, or have a kid, or join the armed forces-then you can apply alone without the parents info. There are exceptions for some, for example your parents are very abusive to you... but you will need proof, police reports or reputable witnesses (eg teachers, doctors..) Look it up on fafsa website, the rules are all there. You may think it is unfair, but seriously, nearly every college student is over 18-why should the tax payers pay for every single students college education-they have to draw a line somewhere. and the line is at 24 years old, not 18

Tiare

Superstar is correct. Until you are 24 years old, married, have kids you support, are a veteran, an orphan, or a ward of the court, or get your bachelors degree you have to report your parents income. It doesn't matter if you live with them or not and it doesn't matter who claims who on what tax form. Sorry. Here is a good publication about it.

Found-1

Superstar is the ONLY right answer.

John

Did you live with them all of last year? If yes; You only have to if they claimed you as a dependent on their most recent tax return. If you filed your your taxes and nobody took you as a dependent, then you do not have to enter your parents income on the financial aid. If you did not live with your parents last year and nobody claimed you as a dependent on their taxes...then you do not have to put in anybody else's income, just your own.

K J

only if they claim you on their federal Income taxes as a dependent.. I hope that helps.

David

I believe it depends on if they still call you a dependent. If you live in their house, are on their insurance, or if they provide over 50% of your living expenses (if they take you as an exemption on their taxes), then yes. If you are independant and they dont claim you on their taxes, you should be OK to not put them on.

bmwdriver11

Are you supporting yourself? If you do not live with your parents and you pay your own bills, it's your income that is looked at on the FASFA.

Jayne Savage

IF YOU LIVE WITH YOUR PARENTS U DO.... BUT IF YOU HAVE YOUR OWN PLACE,,,PAY YOUR OWN BILLS THEN U WOULD BE CONSIDERED AN INDEPENDENT

Unique

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