FAFSA difficulties

Paying for College
1

<p>Howdy, I'm a senior in high school and I'm trying to fill out the FAFSA/CSS PROFILE but I'm having troubles. </p>

<p>My financial situation is this: my parents own gas stations - rather, they are presidents of various LLCs that run gas stations. One LLC owns the property ($2.1m, $1.5m left to pay off) and two others are renting two other gas stations. How does this factor into the FAFSA?</p>

<p>Another difficulty: my parents decided to rent the first gas station (the $2.1m one) to someone else in mid-January 2012. The LLC owns the property and gets rent money from the tenant. From that time until August or September, they did not work. In August/September, they started renting two gas stations. </p>

<p>Therefore, we have no idea what our income is. My colleges want the FAFSA by February 15th, and we don't think we'll have a tax return by then. What should I do? Should we make up some numbers? Use the 2011 return (even though the situation has greatly changed)? </p>

<p>Also, I have a part time job, but I am not required to file a tax return for 2012 (made <2.2k). Should I? Is there any benefit? I did get a W2. </p>

<p>Finally, I took post secondary classes at a community college and got a 1098-T. I didn't have to pay any money for the classes nor books, but this counts as financial aid so I got this tax form. I believe I can disregard it, but am I correct in thinking so?</p>

<p>Thanks all.</p>

2

<p>Anybody? bump</p>

3

<p>I’ll address part of your question, afraid I don’t know enough to give a complete answer.</p>

<p>You need to get your estimated FAFSA and Profile filed in advance of 2/15. It doesn’t sound at all reasonable or possible to get the taxes filed before then, so I wouldn’t try.</p>

<p>Focus on estimating income as closely as possible, using an online or software tax package if you can to make the estimate close. I used Turbo Tax and came within a couple hundred dollars of estimating our AGI, so it is possible.</p>

<p>To answer your tax question, if taxes were withheld from your pay, you will get a refund when you file. That’s the only compelling reason to file if your income is insufficient to require you to file a return.</p>

4

<p>So If I didn’t have anything withheld (only SS/Med) I have no reason to file? Awesome.</p>

<p>If my parent can’t get their taxes filed (which may or may not happen because some IRS forms for businesses aren’t out yet) by the 15th, we should guess? Alright. Thanks!</p>