<p>Thank you for the help in filling out the FASFA.
I am new to the forum and I have three questions that hopefully somebody can help me with.</p>
<p>My wife is a self-employed real estate agent and with this down market can she be considered displaced? When your self employed what is the criteria for the displaced worker? If she gets one commission sale will that exclude her?</p>
<p>We have some real estate investments but were transfered into a corporation as of 1/1/09 for liability concerns. Will these be considered business investments for the 2009/2010 FASFA?</p>
<p>I am divorced with joint custody of my daughter. The living situation was almost split evenly between the two homes (M,T, 1/2 W with mom, 1/2 W, TH, Fr with dad, and alternating weekends) I pay child support to the mom but I also provide living and financial support to her in addition to the child support. Can I fill out the FASFA and do I need any documentation from the mom? </p>
<p>Thank you for your time.</p>
<p>
[quote]
85. Dislocated Worker. As of today are either of your parents a dislocated worker?</p>
<p>In general, a person is considered a dislocated worker if he or she</p>
<pre><code>* is receiving unemployment benefits due to being laid off or losing a job and is unlikely to return to a previous occupation;
has been laid off or received a lay-off notice from their job;
was self-employed but is now unemployed due to economic conditions or natural disaster; or
is a displaced homemaker. A displaced homemaker is generally a person who: previously provided unpaid services to the family (e.g., a stay-at-home mom or dad), is no longer supported by the husband or wife, is unemployed or underemployed and is having trouble finding or upgrading employment.
</code></pre>
<p>If a person quits work, generally they are not considered a dislocated worker even if, for example, the person is receiving unemployment benefits.
[/quote]
</p>
<p>Displaced worker is only beneficial for FAFSA if the 2008 income is low enough to qualify for the simplified needs test (<$50k) or the automatic 0 EFC (<$30k).</p>
<p>The parent with whom the student lives the most is supposed to file FAFSA. If the student does not spend more time with one than the other then the parent who provides the most financial support is supposed to file. if that cannot be verified then I believe the parent with the higher income is considered the one that must file.</p>
<p>I think the real estate would be considered investments. I am not sure though, so perhaps someone else can answer that.</p>
<p>Yes, if the applicant does not derive his or her primary income from those properties and is activily involved in their managment, they are not commericial entities. </p>
<p>They are considered investments as non-retirement mutual funds would be. But remember when listing the value, however, that you use a conservative market value less the debt. That then, would be the value listed.</p>
<p>For my wife she is a realtor and I meant Dislocated Worker. I believe she was about $14,000 in the negative in 2008. Lots of fees and dues in that type of work even when you don't have income.
For the child do I need a letter from the mom or how do I document the extra time at home to take it over 50%. Also for the financial support do I count the child support then anything I pay on top of it? I would of had it adjusted but the court costs are so expensive when its not mutual accepted.
I feel that if I file the FASFA and also am the one paying the child support it will get kicked out.
Thanks for your help.
Nick</p>
<p>I read somewhere that if the investments are in a corporation then they are a seperate entity like having a small business with less than 100 employees. Maybe I am wrong,</p>
<p>Incorporated real estate for liability purposes is an iffy issue.
If your student is asking for aid from a private school, their IM may still view it as I described. </p>
<p>Colleges in the verification process will ask for your all forms of your 1040, W-2. Check with your CPA as to how it is reported. </p>
<p>Your FAFSA filing strategy is not something I would discuss here other than it looks like your child's mom should file all aid forms. You then, would be required to file a non-custodial form if a private school requires it. But at least the FM EFC would be lower than yours, even with child support and alimony listed on her forms.</p>