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<p>I think you’ve given this scenario a bit too much (or maybe too little) thought. I never give the government much credit for being smart. That said, the LAST thing I would be messing with on a federal form is income. </p>
<p>Amended tax returns get a LOT more scrutiny. If I were the government, I’d check amended returns with (now) higher income to report that are taking a credit for kids in college. I’d match the amended to FAFSA and come knocking. Also, keep in mind that you need to file a FAFSA for every year your kid is in college. Big spike in income one year to the next would be a red flag for those monitoring the process. </p>
<p>Ultimately, it not that much different from cheating on your taxes. Basically you need to ask yourself the Clint Eastwood line … “do you feel lucky?” I personally will sleep much better at night not messing with something that would affect both my wife AND my child.</p>