<p>Let's say that at the time I filed my fafsa I had close to 40,000 in my savings, but I wasn't required to report that- it asks you if you want to disclose your accounts information. As a full time student, a father to a 1.5 year old, and married, how would it affect my fafsa? Also, my parents helped us by sending some monthly amount, and on the phone the lady who answered my questions (from fafsa) said I did not have to report it as income, but online I see that people write that gifts should be reported. Our AGI was 42,000. While I attend school I plan to quit my job, so we will depend on the savings.</p>
<p>If you qualify for the simplified needs test your assets are ignored by FAFSA so they do not affect your EFC. Even if you report them they will be ignored as long as you qualify for simplified needs. The criteria for the simplified needs test is an AGI below $50,000 plus **one **of the other criteria (eligible to file a 1040a or ez, dislocated worker, receive certain means tested benefits etc).</p>
<p>If you don’t qualify - for instance if you put that you are eligible to file a 1040A or EZ when in fact you have to file a 1040 (and don’t meet the other criteria) then the impact of your assets will depend on your age. For an independent student asset protection is based on whether you are married and the age of the older spouse.</p>
<p>Technically you are supposed to report money paid by others for bills you would otherwise be responsible for. (Of course if your parents are lending you the money you are not required to report loans).</p>
<p>we roughly received between 7-8k from my parents, before they got into financial instability themselves. I don’t think that altogether it passed the 50k along with the AGI, but if it did is that something that would put me under a different category? My wife and I filed taxes jointly, so the AGI we got (42k) was mutual. The money I got from my parents woudl have to be repaid, after I get a better job once I am done with my degree. We file 1040, what’s the 1040a? also, I am almost 35, my wife is almost 34, and we have a 1.5 year old baby. This AGI (42k) was earned by me working my regular job in which I was partially laid off, and 3 other jobs (2 of them as a tutor in school) to get some more money. my ultimate goal is to quit my job as soon as I get transfered into the 4 year institution, so income will not exist and we will rely on the saved money we worked hard for. I will appreciate your feedback regarding this, also, another question is that schools contacted me (ones which already accepted me in) to ask for the disclosure of my bank account on the day the FAFSA was made. Because I didn’t have to report that, I think I can get the actual amount, but would it make any difference if it is not accurate to the cent? and how would the amount we have save affect the aid from the school? (considering that this 35k or so is there to insure that we are not out on the street one day)</p>
<p>Sorry, correct numbers: AGI: 39,281, money got from parents is 8090. My wife opened a buisness, a couple of months before the end of the year, and after expenses (she’s a face painter) she ended up losing $166, but we did have to itemize and therefore probably did not qualify for the 1040a. According to your simplified needsd category, we qualify with the AGI calculation, but not for the 1040a. We did receive WIC assistance for some time during 2010, does that apply? As for age, we are both over 34, and with a 1.5 year old baby.</p>