<p>I don’t see any provision in the current (09/10) FAFSA for reporting this credit using 2008 tax info, do you Nikki? Looks like the tax line for students just gets entered as 0 and the instructions for untaxed income specifically exclude earned income credit, child tax credit,etc. So, it likely will not make a difference but the safest course might be to take 3bm103’s suggestion and simply amend the 2008 return. Details of this are on IRS site here:
[First-Time</a> Homebuyers Have Several Options to Maximize New Tax Credit](<a href=“http://www.irs.gov/newsroom/article/0,,id=205416,00.html]First-Time”>http://www.irs.gov/newsroom/article/0,,id=205416,00.html)</p>
<p>You would definitely want to have that money spent or out of the student’s accounts by FAFSA time next year though or you will see an EFC impact!</p>