I had a few questions about some IDOC submissions.
- I have not worked and have no income. The W-2 and 1099 sections allowed me to simply click that I do not have these. However, when I clicked that I do not have a tax return, it asked me for sources of I ncome still and I had to sign it. Do I leave it completely blank or write N/A for source of income with $0?
- My parents do not have a 1099. I do not understand these forms that well, but they said they did not earn enough interest to get a 1099 or something like that. However, they have bank accounts. The website says "If you are reporting any 1099 income types but did not, and do not expect to, receive a 1099, check an option below." And it has bank statement, dividend statement, and other document as options. Does that mean they have to upload all of their bank account documents on here? And what would be "other documents" that IDOC would want?
I know these are pretty specific questions, but thanks for the help!
You previously wrote in March 2015
Since Financial aid is based on 2015 income are you saying that your parents did not work in 2015 or have not worked since you posted this in March of 2015
You also wrote around the same time:
Are your parents self-employed or business owners?
you will have to get an IRS non-filers statement if your parents are US citizens/permanent residents as proof that they did not/were not required to file US income taxes
You will have to provide verification as to how your parents meet their day to day expenses including how they pay for food, clothing and shelter.
And if your parents were required to file taxes in 2015…and didn’t…you have an additional issue to deal,with.
In addition, be prepared for verification if your income is really $0. You will need to document HOW you paid your living expenses without any income.
@thumper1 @sybbie719
The student has not worked and has no income. He never said in his post in this thread that his parents don’t work. He only said that they didn’t receive a 1099 because while his parents have bank accounts, the interest income is too low (under $10) so there is no 1099 form issued by the bank.
There are many types of 1099 forms. I think the confusion is that while @HSStudent938 is referring to 1099-Int or 1099-Div, @thumper1 and @sybbie719 thought that @hsstudent938 was referring to 1099-Misc for (non-existent) parent self-employment income.
I’m assuming that you mean you (the student) had no income, not that your parents had no income. So I don’t think you have the problems thumper1 mentions.
As for your questions, I would think that either “N/A” or blank applies to your situation for source of income.
For the interest income, banks might not issue a 1099 statement if your parents didn’t make at least $10 interest at any one account. (Which is very possible for a few thousand dollars or less in an account at a low interest rate.)
I don’t know if they really want you to upload every one of your parents’ account statements to prove they only had $4 total (or whatever) in interest income. You should probably ask a helpline at the part of the College Board that does the IDOC, or else ask the financial aid office that wants the IDOC.
I’d be interested to know the answer myself, as I have to do my daughter’s IDOC soon, and I don’t think we have any 1099s for that either.
@Madison85 ah!
So the student will need to complete a non-filers statement.
If the parents didn’t receive any 1099 of any kind…the amount there is $0.
Right?
It depends. If $8 in savings account interest was earned, that should still be reported on the financial aid forms, even though the bank will not issue a 1099-INT for that interest.
@Madison85 Yes, I meant that I do not have income. Sorry for the confusion.
@Wilson98 I think that is what my parents meant. My parents said they did not earn enough interest to get a 1099, so that makes sense. That was my question as well, does IDOC want every single bank statement then or is it just zero? I will call and let you know what they say.
@thumper1 Yes, there is a nonfiler statement that pretty much wants me to list sources of income and the amount and then sign it. Since I have no sources of income, I can put $0 and N/A for sources of income?
@BelknapPoint That’s what I was wondering. They do not have a 1099, but do have bank accounts. So does the IDOC want bank statements uploaded in substitute of a 1099 in this scenario? That’s what I assumed a “1099 type income” was referring to.
Your parents can check their interest earned to date online.
@Wilson98 I called Collegeboard and the guy told me to upload the bank statements in substitute of the 1099.
One last question. Instead of a 1099, it lets me send bank statements, dividend statements, and/or “other documents” and they want all that apply. I have the bank statements. Do they also want dividend statements from retirement accounts like 401k? And what “other documents” would they want? Thanks.
When I sent IDOC 6 years ago, College Board did not ask for 401K statements. Is this something new?
I know for sure you need to send non-retirement investment statements but I doubt that they ask for retirement account statements.
@coolweather They ask for dividend statements.
^ Is it for non-retirement investments (ex: stocks) or retirement accounts (401K, IRA)? Many 401K accounts don’t have dividend statements.
I totally agree. 401K accounts would not be sent.
@coolweather @thumper1 I don’t know if I am just misunderstanding it. The page says to submit bank statements and dividend statements if you don’t plan on getting a 1099. It does not specify retirement vs non-retirement for dividends, but my parents are saying they did get a dividend so I don’t understand.
After speaking to several CB reps over the past few hours, it seems like they do want bank statements even if you have no 1099, but not the 401k. Thank you everyone for the help!