FAFSA Question

[TiziteLayinLow]

My parents own a business.. but my mom also has another job working for someone. They filed the 1040 form. This Fafsa online is asking how much she made and how much he made.. on this tax form it has wages/etc and business income.. how do i report this on the fafsa ?

thanks

 

[minendo]

Report whatever they reported.

 

[MillionaireNextDoor]

Does the online form let you do both?

 

[TiziteLayinLow]

the online form strickly asks for mothers income, and fathers income.. but on this version of the 1040 it doesnt separate them like that.. i guess that i could just divide by 2 but then i dont want fafsa to make me redo it.. im on a time budget here.

thanks for info guys

 

[digitalsm]

Originally posted by: TiziteLayinLow
the online form strickly asks for mothers income, and fathers income.. but on this version of the 1040 it doesnt separate them like that.. i guess that i could just divide by 2 but then i dont want fafsa to make me redo it.. im on a time budget here.

thanks for info guys

Umm have you asked your parents for their W2s? Or ask them how much each made? If she is drawing a salary from the business, you have to report that as part of her income, as well as the other job. The money you report for your father is the salary he draws from the business. Then you put how much the buisness is worth in the appropriate box.

 

[Anubis]

just ask them

on a related note, do i have to put down my rents wages if they wont be paying for school? im applying to art schools and this info could come in handy as im gonna be paying for it

 

[Whisper]

Originally posted by: Anubis
just ask them

on a related note, do i have to put down my rents wages if they wont be paying for school? im applying to art schools and this info could come in handy as im gonna be paying for it

Yep. I believe the only time you don't have to put your parents' income is when you're emancipated, in the military, or over (I think) 25.

 

[digitalsm]

Originally posted by: Whisper

Originally posted by: Anubis
just ask them

on a related note, do i have to put down my rents wages if they wont be paying for school? im applying to art schools and this info could come in handy as im gonna be paying for it

Yep. I believe the only time you don't have to put your parents' income is when you're emancipated, in the military, or over (I think) 25.

Actually, for FAFSA, emancipation doesnt qualify you as independent.

There are 7 qualifications for being independent.

If you were a ward of the state until the age of 18.
In the military.
Married.
Have Dependents.
Parents deceased.
24 and over.
Already possess a undergraduate degree.

In short, if you have parents who refuse to pay for your college, and they make alot of money, you are screwed, and will likely only be eligible for unsubsidized student loans, maybe a small amount of subsidized loans, and non need based scholarships.

 

[Anubis]

Originally posted by: digitalsm

Originally posted by: Whisper

Originally posted by: Anubis
just ask them

on a related note, do i have to put down my rents wages if they wont be paying for school? im applying to art schools and this info could come in handy as im gonna be paying for it

Yep. I believe the only time you don't have to put your parents' income is when you're emancipated, in the military, or over (I think) 25.

Actually, for FAFSA, emancipation doesnt qualify you as independent.

There are 7 qualifications for being independent.

If you were a ward of the state until the age of 18.
In the military.
Married.
Have Dependents.
Parents deceased.
24 and over.
Already possess a undergraduate degree.

In short, if you have parents who refuse to pay for your college, and they make alot of money, you are screwed, and will likely only be eligible for unsubsidized student loans, and non need based scholarships.

sweet that means me

mabye ill get fin aid this time around

 

[digitalsm]

Originally posted by: Anubis

Originally posted by: digitalsm

Originally posted by: Whisper

Originally posted by: Anubis
just ask them

on a related note, do i have to put down my rents wages if they wont be paying for school? im applying to art schools and this info could come in handy as im gonna be paying for it

Yep. I believe the only time you don't have to put your parents' income is when you're emancipated, in the military, or over (I think) 25.

Actually, for FAFSA, emancipation doesnt qualify you as independent.

There are 7 qualifications for being independent.

If you were a ward of the state until the age of 18.
In the military.
Married.
Have Dependents.
Parents deceased.
24 and over.
Already possess a undergraduate degree.

In short, if you have parents who refuse to pay for your college, and they make alot of money, you are screwed, and will likely only be eligible for unsubsidized student loans, and non need based scholarships.

sweet that means me

mabye ill get fin aid this time around

Err I made an error. Sorry to get your hopes up. its only if you will be working on a masters, phd, or professional degree. A second BA doesnt qualify

On the bright side, most art schools and other private institutions have extremely generous non need based aid packages. What art school are you going to?

 

[Anubis]

Originally posted by: digitalsm

Originally posted by: Anubis

Originally posted by: digitalsm

Originally posted by: Whisper

Originally posted by: Anubis
just ask them

on a related note, do i have to put down my rents wages if they wont be paying for school? im applying to art schools and this info could come in handy as im gonna be paying for it

Yep. I believe the only time you don't have to put your parents' income is when you're emancipated, in the military, or over (I think) 25.

Actually, for FAFSA, emancipation doesnt qualify you as independent.

There are 7 qualifications for being independent.

If you were a ward of the state until the age of 18.
In the military.
Married.
Have Dependents.
Parents deceased.
24 and over.
Already possess a undergraduate degree.

In short, if you have parents who refuse to pay for your college, and they make alot of money, you are screwed, and will likely only be eligible for unsubsidized student loans, and non need based scholarships.

sweet that means me

mabye ill get fin aid this time around

Err I made an error. Sorry to get your hopes up. its only if you will be working on a masters, phd, or professional degree. A second BA doesnt qualify

On the bright side, most art schools and other private institutions have extremely geneours non need based aid packages. What art school are you going to?

ill have to ask its not a second BA im applying to 2 year photography schools, I dont beleive they give you a BA you just come out as a professional Photographer with a speciality in a subject area like B&W, Advertising, weddings, ect