George Bozovic
Guest
|
| Posted: Thu Feb 19, 2004 9:35 pm
Post subject: FAFSA and income tax |
|
|
I graduated with a BA in 2002 and am currently working abroad in a
country where income is well below the taxable US levels (about 3000
USD for a year) I spoke with my parents tax accountant and he says
that my income does not require a tax return filing for 2003 because
of insufficient income to file.
Next year I will start graduate school and would like to apply for
FAFSA. I have no outstanding loans, not much money in savings, and
independently financed my college education (no debt).
By reading FAFSA, I am considered and independent, and my parents do
not claim me as a dependant - however, in 2003 I have no tax returns
because I don't have to file taxes.I will be studying for a Masters in
the UK (the schools are on the fafsa form).
1) FAFSA requires income tax returns, but until 2003 I was a dependant
under my parents so I didn't file them. What documentation can I
provide?
2) Does the fact that I will go to graduate school abroad affect this
process?
3) What kind of financial aid can I expect with my given background
(grants, loans, etc)
Regards and thanks,
George B.
|
|
Steve Blank
Guest
|
| Posted: Thu Feb 19, 2004 10:22 pm
Post subject: Re: FAFSA and income tax |
|
|
George Bozovic wrote:
| Quote: | I graduated with a BA in 2002 and am currently working abroad in a
country where income is well below the taxable US levels (about 3000
USD for a year) I spoke with my parents tax accountant and he says
that my income does not require a tax return filing for 2003 because
of insufficient income to file.
Next year I will start graduate school and would like to apply for
FAFSA. I have no outstanding loans, not much money in savings, and
independently financed my college education (no debt).
By reading FAFSA, I am considered and independent, and my parents do
not claim me as a dependant - however, in 2003 I have no tax returns
because I don't have to file taxes.I will be studying for a Masters in
the UK (the schools are on the fafsa form).
1) FAFSA requires income tax returns, but until 2003 I was a dependant
under my parents so I didn't file them. What documentation can I
provide?
|
Question #32 asks you to indicate if you have filed, will file, or won't
file a tax return. If you will not be filing, it says to skip to
question #38 where you will enter the actual income that you did have.
| Quote: | 2) Does the fact that I will go to graduate school abroad affect this
process?
|
No, as long as the school is a participant in the U.S. financial aid
program.
| Quote: | 3) What kind of financial aid can I expect with my given background
(grants, loans, etc)
|
As a graduate student you will automatically be eligible for
$18,500/year in Stafford loans - $8,500 subsidized (interest-free) and
another $10,000 unsubsidized. Beyond that, it will be up to the college
to determine what else, if any, that they wish to give you. That could
be more loans, work-study, or grants/scholarships.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
| Quote: |
Regards and thanks,
George B. |
|
|
FAQ
Memberlist
Register
Profile
Log in to check your private messages
Log in