1040A vs 1040

Paying for College
1

<p>Well...when we filed DS's estimated FAFSA we THOUGHT he could do a 1040A and checked that box. Therefore, with his income, he did not have to report assets. Well...after talking with an accountant, it turns out he has to file a 1040 long form. I hope it's ok that when he amends the FAFSA he just puts the correct tax form document. It was an honest answer at the time...and of course when he puts the correct form down, he WILL list his assets (that will be required even though his GROSS income is less than $4500...because some of it was self employed income).</p>

<p>Anyone have any feedback about this for me? We are assuming that any self employed imcome is not reportable on a 1040A.</p>

<p>This is unchartered territory for him...and me!!</p>

2

<p>thumper - is he a dependent or independent student? The 1040A requirement for simplified needs for dependent students applies to the parents only - not the student. </p>

<p>The 1040a requirement is weird and a bit annoying when your income is the same but some little thing makes you unable to do a 1040a - last year we had to do a 1040 because we had a very small state tax refund in 2006 and had itemised deductions in 2005 - that little refund cost us a lot in financial aid!!</p>

3

<p>He is independent for finaid (grad student) but dependent for tax purposes. The rub is that he earned so little. Oh well. He thought he didn't have to file a 1040...but it turns out he does. So...</p>

<p>I think when he amends his FAFSA, he'll just put in the correct form and report the assets (he'll report what was in the bank on the date of his initial FAFSA filing). </p>

<p>To be honest, his asset reporting is bank accounts with less than $4500 in them...</p>

<p>Do you suppose that will work?</p>

4

<p>I would think it would be fine. </p>

<p>I thought we had to put the asset info even if we qualified for simple needs. We did.</p>

<p>They may ask why you changed the assets and you can just explain.</p>

5

<br>


<br>

<p>He got a question that said something like "due to the information you provided, it is not necessary to answer the following questions"....and it may have given him the option to do so or not.</p>

6

<p>interesting - we were not given that option. And she did qualify.</p>