My husband and I have been living separately for several years but are not legally separated or divorced. Does it matter for FASFA purposes if we file taxes separately or jointly? Our accountant says we will pay less taxes if we continue to file jointly but if we do that can I still use my income only for FASFA forms, if my son lives with me the majority of the time?
No, both incomes must be used, even if divorced.
Wait…are you separated in anticipation of getting divorced? Or are you separated for some other reason?
separated in anticipation of divorce
Everything I’ve read says if parents are separated, you use the custodial parent’s income.
If the student lives with you most of the time, then use only your income. You will not be able to use the DRT and it is very likely his FAFSA will be selected for verification, so have your W2s and other tax documents available.
If you are separated in anticipation of a divorce, you would use your income only…not the parent who lives elsewhere…on the fafsa.
You can file your taxes jointly. BUT this will mean you cannot use the IRS Data Retrieval Tool. You will most definitely be selected for verification because your tax filing status and fafsa filing status won’t match. You will have to provide documentation of this separation. So get your documentation ready.
You will also need to get a tax transcript and be prepared to send that to the school because you can’t use the DRT.
It’s all quite OK…but it will trigger some questions by the financial aid office.
Only your income is used on FAFSA since you live at separate addresses because the marriage failed.
Since you file taxes together, you’ll likely have to show proof that your hubby lives elsewhere.
DRT isn’t working anyway, and won’t for months.
You use your income only, for FAFSA. Profile is a different thing and many schools that require that will require both parents’ info.
@TomSrOfBoston where do you get the idea that both parents’ info must be used for FAFSA?
PS @kmoe1117 - after my H and I separated I continued to file jointly for a couple of years (I did our taxes when we were married), thinking it was better. Turned out it was better for him, filing as Head of Household was much better for ME.