I had to borrow from my IRA as I was the only one working in our household in 2015. This money was calculated in my 2016 taxes. I am still the only one working in my household. My income for the year is below 52,000.00. Is there a way to advise that the money was pulled out to keep our home and? The EFC number we received is 020459.
You didn’t borrow against your IRA if it showed up in the taxes. It would be a withdrawal.
There is no way to explain this on the FAFSA as FAFSA doesn’t really care where the income comes from. What you can do is ask for professional judgment from the school after the FAFSA is processed. If a parent is unemployed, you can ask that that be considered. There might be a form for ‘special circumstances’ on the FA webpage.
Thank you for this information. And yes, meant to say I pulled out money from IRA.
If you withdrew the money in 2015 why is it on your 2016 taxes?