<p>If you were due for a refund and did not spent all the money and had left over money do you have to report it to the IRS or report it on the fafsa next year via the bank statement account balance question?</p>
<p>this question may be asked before, but i've come across many different answer and wanted to know which one is correct. thanks.</p>
<p>Look on the FAFSA instructions…proceeds of student aid are not reportable on FAFSA.
<a href=“http://studentaid.ed.gov/students/attachments/siteresources/CompletingtheFAFSA10-11.pdf[/url]”>http://studentaid.ed.gov/students/attachments/siteresources/CompletingtheFAFSA10-11.pdf</a>
The IRS is a different story though - basically, financial aid (other than loans) in excess of tuition and required book/course supplies is considered income. The rules, credit, etc. are all spelled out in IRS Publication 970 and can be found at irs.gov</p>