Tax exempt interest income from IRS Form 1040—line 8b or 1040A—line 8b FAFSA, Free Application for Federal Student Aid by Federal Student Aid (Ft. Fred Tugas)

Income from interest…that is tax exempt. Seems difficult, is easy: you already figured this out.

1040

1040A

1040EZ — You still used the wrong form

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Child support received for any of your children. Don’t include foster care or adoption payments FAFSA, Free Application for Federal Student Aid by Federal Student Aid (Ft. Fred Tugas)

If at any point you received child support (again, this is something you probably know off hand), just add it up. Make sure this is documented — the last thing you want is an off-the-record cash payment ending up on a form.

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Student’s 2012 Additional Financial Information (Enter the combined amounts for you and your spouse.) FAFSA, Free Application for Federal Student Aid by Federal Student Aid (Ft. Fred Tugas)

Line 43 is a group question: the following 6 subquestions are the place where you put the answers. It seems convoluted (why not just make them six unique questions), but roll with it.

43a — Education credits

43b — Child support paid

43c — Need-based employment

43d — Grants and scholarships

43e — Combat pay

43f — Coop earnings

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Child support paid because of divorce or separation or as a result of a legal requirement. Don’t include support for children in your household, as reported in question 93 FAFSA, Free Application for Federal Student Aid by Federal Student Aid (Ft. Fred Tugas)

Put simply, if you paid anyone child support, the FAFSA wants to know. You know how much it was, so this should be easy.

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That turns me on so much. Seriously Anthony Weiner Sex Chat by Anthony Weiner (Ft. 22-yr-old Formspring User)

But not seriously enough to warrant an exclamation point!

No doubt, said Formspring user completely missed the massive bombshell of evidence that landed in her hands…

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Education credits (American Opportunity, Hope or Lifetime Learning tax credits) from IRS Form 1040—line 49 or 1040A—line 31 FAFSA, Free Application for Federal Student Aid by Federal Student Aid (Ft. Fred Tugas)

All of these credits are ways to reduce the cost of college through one time or multiple deductions. If you added in any of these back on your IRS taxes, here’s where you’ll find them:

1040

1040A

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As of today, what is your (and spouse’s) total current balance of cash, savings and checking accounts? Don’t include student financial aid FAFSA, Free Application for Federal Student Aid by Federal Student Aid (Ft. Fred Tugas)

For your parents, this is an awful question. For you, it is probably much easier. Add up everything — from cash in your bed to that offshore bank account — and you’ll make it through fine. You might end up paying a bit more for school, but will dodge an audit that will clearly show on your IRS forms.

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Duke
December 15th, 2013

I was wondering if my gibill money counts in this category. I keep hearing it doesn’t factor in, but that’s all that’s in my account.

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This information may be on the W-2 forms, or on IRS Form 1040—lines 7 + 12 + 18 + Box 14 (Code A) of IRS Schedule K-1 (Form 1065); on 1040A—line 7; or on 1040EZ—line 1 FAFSA, Free Application for Federal Student Aid by Federal Student Aid (Ft. Fred Tugas)

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I have already completed my return FAFSA, Free Application for Federal Student Aid by Federal Student Aid (Ft. Fred Tugas)

This is the answer you want to give, if you can. Completing tax forms before the FAFSA is a much better way to finish the document without sparking a blood feud between you and your parents.

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(3) do not owe money back on a federal student grant or have made satisfactory arrangements to repay it FAFSA, Free Application for Federal Student Aid by Federal Student Aid (Ft. Fred Tugas)

Take a breath and re-read the last part: owing is not an issue! You must simply be in good standing with the government loan, keeping up with monthly payments and paying along the terms of your repayment plan. If you fail to do this and end up in default, you are not eligible for a FAFSA form and must repay/solve your loans.

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