<p>O.k. here is my situation. My parents divorced in third grade, however they both have custody and i visit both of them about evenly. However, one of my parents makes way more than the other. My dad has a household of six, 2 adults 4 kids and lost $15,000 last year on his taxes due to him going to hurricane Katrina. My mom though has a household of 4, 1 adult and 3 kids and makes $50,000-$70,000. Do I have to have my mom fill out a fasfa if my dad is filling mine? And what can be expected in both situation's.</p>
<p>Tcrab:
As to your question do I have to have my mom fill out a FAFSA if my dad is filling mine? The answer is no. You dont file two FAFSAs. I think the following explains your situation.</p>
<p>The custodial natural parent must complete FAFSA. The custodial parent is defined for federal aid purposes as the parent with whom the student lived with for most of the time during the previous 12 months. If the parents have joint custody and the student lived with each parent the exact same amount during the prior calendar or tax year, then the parent who provided the most financial support to the student during the previous year is treated as the custodial parent for financial aid purposes. From your post, I am assuming your dad will be considered the custodial parent.</p>
<p>The non-custodial parent's income or assets (Im assuming your mom) is not to be included on FAFSA. However, any alimony (taxable income) or child support (non-taxable) income received during the previous tax year must be reported by the custodial parent on the appropriate sections of the FAFSA. Also, if the custodial parent has remarried, the step-parent's income and assets must also be reported on the FAFSA. </p>
<p>As to FAFSA: FAFSA is a computer program. As calculated by FAFSA, an EFC is a sum of a percentage of four factors-parents income (including stepmoms,) students income, parents assets, and students assets minus the standardized deductions FAFSA allows. You file (preferably online) and based upon what you inputted, the computer program (FAFSA) spits out a number, or EFC. When determining federal financial aid, aid officers (FAO) rely on the EFC as calculated by FAFSA. There are two exceptions to the FAFSA calculation (the automatic zero EFC, and the simplified needs test). </p>
<p>Under the simplified needs test, if the parents AGI (as reported an a federal tax return) is under 50K and the parents use a short form (1040A or 1040EZ), then two of the factors (parents assets and student assets) will not be used when your EFC is calculated by FAFSA. FAFSA will automatically exclude all family assets if you meet the simplified needs test. However, this will only apply to federal financial aid. </p>
<p>Under the automatic zero, if the parents AGI (as reported an a federal tax return) is under 20K (this amount was just recently increased) and the parents use a short form (1040A or 1040EZ, or dont file), then the EFC will be automatically set to 0. Under this exception, FAFSA will ignore all other reported information if the criteria are met.</p>
<p>As to what can we expect? It depends on what info your father (and stepmom?) inputs. One of the keys will be his/their AGI and whether or not you meet an exception. </p>
<p>The financial aid package you are offered could include federal money and the schools own money. If you qualify for federal money (Pell grants, subsidized Stafford loans, etc,), youll get it. When it comes to the schools own money, and somewhat dependent on how much the school wants you (you have a special skill, youre really smart, etc), the FAO will use his discretion to determine how much to add to overall package assuming the school meets your need 100%.</p>
<p>Good luck.</p>
<p>Jugulator -- I am not confident that "dad" should be the one filling out the FAFSA (although it would result in a better package, most likely). If you live with your mom and dad equal time, it will come down to who spent more money towards your support -- and with you dad's income so low and the number of kids so high, my guess is your mom spent a greater amount on your support. Who claims you on their taxes? that is also an indicator of who should put their info on the FAFSA.</p>
<p>Also -- keep in mind that some schools use the Profile (mostly private schools) and they will want both parents info. </p>
<p>You will want to apply to several schools, since financial aid packages can really vary in your situation.</p>
<p>Hsmomtef: I agree with everything you said. </p>
<p>I was making assumptions based on the info tcrab provided. One was that his/her dad was filling out his/her FAFSA. Two, the vagueness of the financial info about his/her dad (dad lost $15,000 last year on his taxes due to him going to hurricane Katrina (Im really not sure what that actually means)); and that one of my parents makes way more than the other (his/her father could be the one who makes way more and still lost 15K on his taxes). Again, I made assumptions, and when you assume, well .., then I made an . out of myself.</p>
<p>Tcrab: please dont view my post as an attack on you. The specifics of your familys finances are none of my business. I was merely trying to respond to the info/questions you posted.</p>
<p>Ok well I did check with my dad. And he lost the $15,000 in 2005 not 2006 which is what I have to file it under. If he makes similar to 2004 it would be around $30,000. My mom contributes a little bit more than my dad does but for the most part half. But I think I can get away with that.</p>
<p>Who takes you as a deduction on income taxes?</p>