Hey guys, just curious as to what would happen if you lied in your fafsa renewal? For example, for the part where you have to input how much you made for the past year, what if you were to say you earned nothing but did? Meaning you filed for taxes the year before and are now in the new year renewing your fafsa and reporting that you had $0 income? Could this delay your FA or ultimately cancel for lying? Just wondering
Fraud charges
Ok so I was pressured by my mother to report that I didnt make anything for the year of 2016 on my fasfa. However, I earned $14,000 which everything went towards housing, food, utility bills, gas and etc. When I renewed my fafsa last November of 2017, for the 2018-2019 school year, I reported I earned $0. Btw my mother has had no income for years since she is disabled and hasnt been able to work. She has recently been able to get a job and has been working for 4 months now and is now going to be filing her income tax this year. With that being said, is it too late to fix my mistake of putting $0 income? What can I do because I really need the aid? Will the $14,000 i earned diminish my fa greatly? Any help would be greatly appreciate.
Yes, you can make a correction. You can also link your taxes to the FAFSA by using the DRT.
Make sure you are using the correct tax years. For 2018-19, you use 2016 tax filing.
Does your mother qualify for the simplified assets tests or automatic $0? If so, your information probably wouldn’t be required. Anything you do file should always be correct and when you sign the FAFSA, you are affirming it is.
A student gets a $6,570 income protection allowance for FAFSA and deductions from income for federal, state and social security taxes paid.
Then the remaining available income would be assessed 50% towards FAFSA EFC.
But like @twoinanddone said, if your mom made under $25,000 in 2016, your mom was a dislocated worker, or was able to file a 1040A or 1040EZ or didn’t have to file a tax return, or anyone in your household received a federal means tested benefit in 2016 or 2017, then auto zero EFC would apply and then assets and student income would not be considered towards EFC.
And yes you can still change and correct your FAFSA.
Thanks everyone I have corrected my mistake, I really appreciate everyone’s help!