Hello all,
I need your assistance, I have a student that is dependent and her parents are foreign and moved to the US in December 2015. They provided a statement with the foreign income converted to US dollars. unfortunately the foreign income converted to US dollars is listed at around 200,000 US dollars. But they did not file foreign taxes. How would we list this on the 2017/2018 FAFSA?
Thank you in advance.
If it was income, you list it under parent income.
Thats what I thought but wouldnt it get rejected if we put “will not file” for (tax return filed). I read something online and it said we can put as untaxed income if they did not file. what do you think?
They will have to go a non filers statement. Look on the colleges websites! The reason will be stated on that.
She is a citizen though? The student?
Are they supposed to have filed taxes in the US for 2016 income?
You have to prove the foreign income somehow. Not every country requires tax filing. So a statement from employer, wage documents, etc. EVERY financial aid office we are dealing with has answers to these specific questions. Reach out directly to the schools.
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Hello,
The (dependent) student is but the parents are not.
They did not file for 2016 because they retired at the end of 2015
The employer did provide a statement with the income converted to US dollars which is around $200,000 and they did not file taxes. And thats where I got confused
I was told by a FAFSA rep to list our income (wages) in the untaxed income box. (We don’t file income taxes in our host country or our home country) Then they’ll get verified most likely.
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They did not file for 2016 because they retired at the end of 2015They did not file for 2016 because they retired at the end of 2015
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? What are they living on??? Do they have investment income??
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They provided a statement with the foreign income converted to US dollars. unfortunately the foreign income converted to US dollars is listed at around 200,000 US dollars
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Then what is this???
$200 000 income makes fafsa moot. Retired people moving to the US with no working status would have to indicate financial viability. Why is fafsa even coming up? There must be more to the picture than calling 200K income from one year?
Please explain what the $200,000 income you put on your original post is. Is this retirement income?
If so…it’s still income for financial aid purposes. But please have this family check their numbers. To have $200,000 for ONE year in retirement income…they would have needed a VERY significant retirement portfolio. VERY significant.
Make sure the information is accurate. Is this a very wealthy family?
With $200,000 in unearned income, it’s not likely the student would qualify for need based aid.
Can the family pay the cost for this kid to attend…or do they really need financial aid?
Please have the family get their own CC id to post the question. You may not have the whole story and they may not want the story out there. Closing thread.