<p>I only earned about $200 for work study. I don't think it's taxable. So should I still enter the amount that I earned on FAFSA? (I thought I should only enter the earnings that are taxable. In this case, it is not.)</p>
<p>Help, anyone? I need to file my FAFSA soon! :(</p>
<p>WS income is taxable income, assuming your total income is sufficient to require a tax return.</p>
<p>I think anything under $2000 is not taxable?? My school told me something like that. They said if I wasn't going to be making more than 2k I should fill out a tax exempt form so I did. I might enter the info if they ask, but I don't think it will be factored in because it is under a certain amount..</p>
<p>The standard deduction for earned income for 2008 is @ $5400. If you earned $5400 or more in 2008 (including the WS and any scholarships/grants that are taxable) then you have to file a tax return and the WS must be reported as earnings on the tax return.</p>
<p>Regardless of whether you need to file a tax return, the work study income has to be reported on FAFSA. But then you deduct it out on another section of FAFSA, so it has no net impact in aid the following year.</p>