Hello everyone I am going to be a 2nd year. And I now have a job and just started so I do not make any money right now. Regarding FAFSA I put myself as not having any financial earnings because i did not earn anything yet. Once I start earning money it’ll probably be when the financial aid packages are out. Do I update it once the semester ends or the next year? I just do not want to get in trouble and I am unsure of what to do
You fill out fafsa as of the date you file it. You put down the earnings they ask for, which for the current fafsa is earnings on your 2015 taxes, any assets you have on the day you file (bank account balances, other assets you have in stocks or investments). Just answer the questions asked.
You do not update earnings or assets, except if you estimated your 2015 income, you update it when taxes are filed.
Did you have earnings in 2015? That tax return should have already been filed if you did. The income information and tax information from your 2015 tax return, if you needed to file one, will be used for the 2016-2017 school year AND the 2017-2018 school year.
If you had no income in 2015 and were not required to file a tax return, you will simply have no income to list on the FAFSA. You will indicate “will not file” for yourself. You may need to complete,a non-filers statement for your colleges.
Hello @thumper1 I did not earn anything I literally just got hired for my first job 1 week ago and will start working soon. \
@twoinanddone So even if I have a job now and will make money later on the summer. I can still leave thequestions 0 forr everything because I didnt work until now? Sorry for the foolish questions I am very new to this
Once more…for the current FAFSA 2016-2017, and the next one 2017-2018…you will use the tax rwturn infirmation from 2015. If you had no income in 2015…then you will put a $0 for income for yourself on those FAFSA forms.
Any income you earn in 2016 will be reflected on the 2016 tax return which will be used to complete the 2018-2019 FAFSA…two years away. The FAFSA is now using prior prior tax year information.
If you start working now in May of 2016 you will file a 2016 tax return next year in early 2017 and report income earned during the year 2016 on that tax return.
This FAFSA you file now (for year 2016/17) you will put $0 for income from working if you had no job/work income in 2015.
You put “will not file” for tax return status. You report money you have in cash, bank account in your name as student asset (if FAFSA asks for it) as of the day you file FAFSA.
Then next year when you do FAFSA for year 2017/18 you also report $0 income for year 2015. And the assets you own on the day you file.
The following year when you file FAFSA for year 2018/19 you will list your 2016 income as reported on your 2016 tax return.
And on the FAFSA for tear 2019/20 you will list the income you earned in 2017, if any.