<p>Having completed the FAFSA for all four undergraduate years, I sat down to get going on the annual chore. But I see that some of the graduate schools don't even require the FAFSA, and state that it is used more for obtaining federal loans. But since some require it, I started working on it, and ran into a dilemma. Even though my S is a 'dependent' on our tax return, FAFSA considers him as an 'independent' and doesn't even require parental information. However--it says he can include parental information if he wants to. ?? Is there is a benefit in adding parental information? or is it better to not include that? I don't quite understand why they give the option. Has anyone had experience with this? Will there be a better chance for aid either way? </p>
<p>DD did her own FAFSA for grad school. I had nothing to do with it and she did not require our information. I cannot see any benefit to providing ours, it would just increase the funds available calculation and I am glad to be done with that. Are you intending to help out financially with grad school? Since some schools seem to be figuring out how much in loans first and then merit, it may help keep loans down, but then you might need to provide funds. </p>
<p>Well, interestingly enough, many of the schools have their own financial aid forms which actually do require all the parental info as well. I’m curious, though–did you stop declaring daughter as dependent on your taxes after undergraduate school then?</p>
<p>D also did her own FAFSA for grad school. Singersmom07 is correct in what she said.</p>
<p>I’m just behind you on this curve so it’s interesting to read. I notice that some of the schools my daughter’s applying to don’t require it and some do… What I don’t get is, aren’t most kids applying to grad school going to show a huge amount of need without their parents’ income on the books. </p>
<p>What I found, though, is that some school have pretty complicated finaid forms asking parent income information anyway. I do remember when my oldest daughter applied to grad schools, one of the schools insisted on calculating parental income in their own form and asked for parent FAFSAs, IIRC, even though she was totally financially independent at 21. My musician kid is not… I believe, though that 24 is the cut-off for independence. </p>
<p>I notice the Juilliard financial aid application does not ask for a parent FAFSA but they do ask the student to state parental income for the past two years. I wish they <em>did</em> ask for copies of our tax documents-- if only to ensure that everyone applying is honest. </p>
<p>Yes, and the Juilliard application directions state that although the FAFSA considers grad students ‘independent’, they require parental info because “Juilliard applies a stricter definition of financial need than the federal government because scholarship funds are limited.” You’d think they’d require more documentation than income then–my goodness, the JKC scholarship asks for such in-depth details as retirement savings, equity on home mortgage, etc. etc. (Do they really think we’ll dip into our home equity or cash out retirement plans to help finance our grad’s education?) It seems like schools (and scholarships) are all over the place in how they regard graduate students and financial status. I guess my question about the FAFSA is answered though–seems it best to leave my S independent as far as that goes, since that’s the standard on the form. </p>
<p>I’m also impressed that above posters’ kids are doing their own FAFSA’s. Do they also do their own tax returns? My son’s returns are done here as they are extra complicated with summer internship and other things. Quite honestly, I feel his time is better spent with practicing, auditions and schoolwork than spending the hours needed poring over tax law to figure out his tax returns. (Not that he couldn’t do it if he had to–I am not worried about that in the least). It will be touch-and-go here trying to get that tax return done by the March 1 FAFSA deadlines as it is.</p>
<p>Ugh, Clarimom, we’ve already re-mortgaged (30 years) our house and spent all our equity on our 4 kids’ college education <em>and</em> we’ve dipped into our retirement capital-- just to finance undergrad. So yeah, I think they do expect that. They specifically ask the purchase price and current appraisal value of your house. It bothers me, though that they do not request documentation. I’d be glad to show them… Just a few years back it was my understanding that colleges would not expect to take your home equity or your retirement, but in this economy, that is no longer the case.</p>
<p>But I don’t think we can safely take more from our retirement (we still have a college sophomore likely raid it for her…) but grad school? </p>
<p>As for doing their own FAFSAs, my oldest did hers, but she was a year out of college when she applied and that makes a world of difference in terms for free time. My music kid is constantly on the run and also doing auditions. So this year I will do her taxes. Next year I’ll teach her how. The one thing that worries me is that she earned a significant amount of money last year due to a very generous work-fellowship she received (but the fellowship amount is 2/3 lower this year.) So that will not look great on her FAFSA. </p>
<p>DD was also out of school when she did her applications and FAFSA and she has done her own taxes for several years. I help her, though. She is often on the phone when she does them. I found the tax information for “profesional musicians” which helped her a lot last year. She took the info and did it herself though. </p>
<p>D has done her taxes since senior yr as well. But like singersmom07 —with my assistance over the phone. I am a big advocate of getting student musicians to take charge of their financial houses.(Especially if they are going to be burdened with any sort of debt) My gift to D at her MM graduation was an appointment with a well regarded performing arts tax specialist. It helped her learn how to keep records,to understand what qualifies as an expense, how to calculate and submit quarterly tax payments. She is still in touch with him and he is even able to submit her taxes in Austria and Germany. (addendum-she did her own FAFSA as well AND we stopped declaring her as a dependant)</p>
<p>Oh my gosh, Glassharmonica, I feel for you with all those college expenses. Fortunately for us it is our last child (although now with the ‘empty nest’ loneliness I wish we would have had a few more) and we hopefully won’t have to dip too far into the retirement/equity/etc. And like your D my S had an internship that looks quite lucrative on paper (the subsidized housing, travel, and car they provided ended up being put as ‘wages’, even though never actually ended up in his pocket)–which also is tough to explain to FAFSA. Musicamusica, that appt with a perf arts tax specialist sounds like a great idea. (I wouldn’t know where to begin to find someone with that expertise in my area of the country). Thanks everyone for the advice!</p>
<p>Just before D left grad school I told her to ask friends and faculty, who were performing professionally, to recommend a tax professional. One name came popping up. I’m sure once your S is “out among them” he will find recs. Needless to say taxes for performers are a tough nut to crack. D had multiple streams of income. About 30% teaching privately, another 30% teaching at the University level and within a private professional school and the balance made up with performing. Everything from clothing, to transportation, meals on the road,audition expenses, to post grad educational expenses,and even piano tuning – everyday, she has some sort of expenditure to keep track of. This year is going to be exceptionally challenging, since she was not only crossing state lines to perform, but international lines as well. At this point especially—phone calls to mom just do not cut it. @-) The paltry $250-$500 she spends on the tax guy is well worth it.</p>
<p>My daughter has already got into double jeopardy with state taxes, having to pay large sums to both NY and PA, who have no reciprocity agreement. We actually use a professional accountant who does her taxes as well. For expenses, we have a shared google doc where she catalogs what she spends on instrument upkeep, etc., and even taxis to gigs (which she does only when running late.) Technically she could probably deduct more than she does.</p>
<p>^ there’s an app for that.<br>
D uses her smart phone and records all that stuff on the spot and into her tax file it goes. (including a photo of the receipt) 
</p>
<p>Do you remember the name of the app? Altho a google spreadsheet is pretty easy.</p>
<p>It is a Wells Fargo CEO business app–it was linked with her business bank account (recommended by her accountant) set up and linked with a credit card that she uses for business expenses only.I believe that most banks have a similar app linked with business accounts. It also traces her “out of pocket” cash expenses that have not been paid through her card. The expenses also appear on the hard copy of her monthly statement from the bank and can automatically be transferred to TurboTax and other tax software programs.
It’s pretty handy.</p>
<p>She is CEO of “My Mezzo Voice International” a vast conglomerate set to take the world by storm. X_X </p>
<p>Glassharmonica, upon investigating further I see that Juilliard DOES ask for copies of both the parents and student’s tax returns–first two pages. It’s going to be tough here to get those to them by March 1.</p>
<p>I think this is new for them. In the past all they ever wanted was a FAFSA by March 1 (and those can be updated.)</p>