<p>Is there any advantage to filing a 1040a over a 1040.</p>
<p>If your income is below $50,000 and you (the parents) are able to file a 1040A, then I believe you qualify for the simplified needs test whereby your assets are not reported on the FAFSA.</p>
<p>I think this is correct. Kelsmom or Swimcatsmom will verify!!</p>
<p>Income is above 50,000 and assets are below asset protection allowance.</p>
<p>For your situation, from a financial aid standpoint, there is no benefit to filing a 1040A over a 1040. There may be a tax benefit from the 1040 (itemizing, etc) - so do what is best for your financial (as opposed to financial aid) situation.</p>