<p>Hello...I have read through the posts on seperated parents and how to report income, but I am still confused. My parents just seperated in January 2012 and my father moved out. They are seeing lawyers and discussing a seperation agreement / seperation of assets. This could take weeks or months ...I guess it really just depends on how much they are able to agree on things. We live in NJ, and my understanding is there is no such thing as a legal seperation, but rather an agreement expressing seperation of assets. A Divorce will most likely follow but not sure how long this will take. They are filing a joint return for 2011 taxes soon.</p>
<p>I live with my mother.
- When we file the FAFSA should we list only my mother's incomes and assets? Or do we have to list both my parents income from 2011 since they did not seperate until January 2012 and are filing a joint tax return.
- Does it matter that I will be a Junior next year (ie Fall 2012)? That is, I have heard about something called the basis year...which has something to do with the first time you file the FAFSA. With the seperation my mother's income is much lower and I am concerned that this will not be taking into account for calculating the EFC becuase the "basis" was set using the income of both of my parents.</p>
<p>Thank you in advance for any and all help.</p>