Filed taxes in April but didn't put on FAFSA? HELP!

Paying for College
1

<p>Hi there, </p>

<p>I'm going through all of my tax information from 2012, and I just now realized that I had to pay taxes on my excess scholarships and grants but that I filed my FAFSA without counting my grants as an income... My school already granted me everything, and I currently receive the full Pell. I just checked my account and I still have everything they gave me back in March. </p>

<p>Here are my numbers from my taxes:</p>

<p>It says that my "taxable proceeds from scholarships or grants" is 7,113 and that my taxable income is 6,163 (had some deductions). On the other form, it says my taxable income is 5,613 since I was claimed as a dependent. My only income is from scholarships and grants. </p>

<p>My question is, since my school filed the paperwork and were the ones that gave me that money, do they already know and so won't take away my scholarships? If they do take these new numbers into account, will it greatly reduce my financial aid packages? Mainly Pell?
Thanks. I don't know why I didn't catch this earlier. The thing is that I didn't even know I had to pay taxes on my excess scholarships until our accountant told me, which was after I filed my FAFSA. And it kills me because 2k of that 7k wasn't a scholarship. I had to hurry up and pay a 2k bill in cash due to a misunderstanding, and they later refunded it, thus looking like it came as a financial aid refund and not just a personal refund.</p>

<p>I'm not sure if the school knows all of this and has it in their records, but they gave me a lot of money anyway, but I'm still worried. I can't afford to lose too much.</p>

2

<p>Taxable scholarships do not count against you for aid. On FAFSA you include them in your income and then there’s another line where you subtract them out.</p>

3

<p>See <a href=“http://www.fafsa.ed.gov/fotw1314/pdf/PdfFafsa13-14.pdf[/url]”>http://www.fafsa.ed.gov/fotw1314/pdf/PdfFafsa13-14.pdf&lt;/a&gt;
Question 35 AGI per your tax return
Your AGI included your taxable scholarships</p>

<p>Question 43d taxable scholarship per your tax return
See <a href=“https://fafsa.ed.gov/fotw1314/help/fotw29c.htm[/url]”>https://fafsa.ed.gov/fotw1314/help/fotw29c.htm&lt;/a&gt;&lt;/p&gt;

<p>If you answer these two questions correctly, the EFC formula will subtract 43) from your 35).
See <a href=“http://ifap.ed.gov/efcformulaguide/attachments/082511EFCFormulaGuide1213.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/082511EFCFormulaGuide1213.pdf&lt;/a&gt;&lt;/p&gt;

<p>Are you saying you didn’t answer the question 43d)?</p>

4

<p>I didn’t answer any questions on the FAFSA about taxable income because I didn’t think I had any. I filled out my FAFSA on Jan 1st and was told I had to file taxes on my scholarships in the beginning of April, by which I already had ally awards. </p>

<p>It’s all already processed now, so do I even have to do anything? Since it wouldn’t have affected my aid anyway, do I just leave it?</p>

5

<p>Submit FAFSA correction ASAP. However,

Your taxable income should be
AGI = 7113
Standard Ded = 5950
Taxable Income = 1163</p>

6

<p>Okay. Thank you for your help. But with the FAFSA, do I submit a correction even though my school already processed my FAFSA and awarded me money based on what I put? Is it set in stone or can it still change? I don’t want to cheat or anything, but i also want to make sure I’m not adding any unnecessary information.</p>

7

<p>It was an honest mistake that makes no difference on the bottom line. I would ask FA office if they want you to correct it or leave it alone. Either way make sure you do it right from now on.</p>