I am filling out my FAFSA form, and I am really confused …
So, I am at this part, and I don’t know if I should put yes or no?
“You indicated that your parents filed an IRS 1040. Were they eligible to file a 1040A or 1040EZ?”
And are standard deductions the same as itemized deductions? This is what I found:
Makes less than $100,000 (YES)
Does not itemize deductions ( I don’t know, do standard deductions fall under this category?)
Does not receive income from a business or farm (NOPE, don’t receive)
Does not receive self-employment income or alimony, and (Nope, don’t receive)
Is not required to file Schedule D for capital gains. (NOPE, don’t receive)
I am just stumped on that question. Sorry if this is a dumb question.
And if I put yes, can I just skip the assets question? Is that okay?
My parents make less than 20k together, because my only my dad works.
Please help me. Thanks!
No, the standard deduction is not the same as itemized deductions. You can take the standard deduction on the 1040A. Ask your parents why they filed a 1040 if they were eligible to file a 1040A. Make sure yes is the right answer before checking yes. If fafsa asks for assets even though you think you qualify for the simplified formula or auto 0, you need to answer those questions. Some states require them to be answered even if they won’t be used in the federal EFC formula. If your family income is that low do you receive free or reduced lunch? That’s another qualifier for the simplified formula or auto 0.
Some tax preparation software automatically files the 1040 rather than the 1040A. If your parents itemized deductions, there should be a schedule A attached to their return. If they took the standard deduction, you’d see that on the second page of their return, near the top, and would be about $12000 (?) for married filers.
The question asks if you COULD file the 1040A, which means you didn’t have certain deductions and credits. If they could have filed 1040A but just for convenience filed 1040, then you can check the box on Fafsa.
annoyingdad: Okay, thank you! I qualified for free or reduced lunch when I was in high school but graduated since then.
twoinandone: Thank you!