<p>I have been accepted into my early decision school, which also sent me an estimated financial aid package based on my CSS filed months ago. It showed the federal grants and university grants. So should I put the university grant down as I'm doing my FASFA right now? I'm thinking no because it's just an estimation, and my college is also expecting the federal grants and work study, but I just want to double check.
I really appreciate your time and help. :)</p>
<p>If these grants are for next fall semester you will not receive them until fall and they will have to go on next years FAFSA and taxes. These are estimates and may still change also.</p>
<p>Do not include any information about prospective awards. You have received nothing.</p>
<p>Thanks a lot, guys!</p>
<p>Since when do we report grant money on FAFSA? You only report any taxable portion as income. The amount not used for tuiton and fees.</p>
<p>on the last page: “Grant and scholarship aid reported to the IRS in the adjusted gross income.”
but as im looking at it right now, it said 2008 on top. so i guess not for this year.</p>
<p>Yes, but ordinarily the grant and scholarship money you will be getting is *not *reported to the IRS. So for the vast majority of students, that will never show up on their FAFSA.</p>
<p>Purplelv</p>
<p>–some kinds of grants are counted by the IRS (using a complicated formula) as income and some are not. This applies to graduate students whom the university uses as cheap labor to teach classes and conduct research. There is a very valid debate as to whether they are serving as employees when they do that, and not being students during those hours. There is a percentage involved and periodically the universities and the IRS fight it out all over again.</p>
<p>You were not a grad student in 2008 so none of it applies to you, and as another has said, you haven’t received any monies for sure yet anyway. </p>
<p>Your grant will go straight through the univ’s accounting system & you will never recv a dime of it in cash. It is really a tuition write-down. Find something else to worry abt!
; – )</p>
<p>Purplev - all these posers are telling you the correct answer. You do not report estimated scholarships/grants on your FAFSA. The purpose of the question is not to penalize you for being promised scholarships/grants. It is to remove taxable/grants from your AGI so that taxable grants/scholarships received in the prior year do not negatively impact your EFC.</p>
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<p>Do you have any grant and scholarship aid reported to the IRS in your AGI from your 2009 tax return? </p>
<p>You don’t report taxable scholarships/grants to the IRS until you do the tax return for the year you received them. So if you receive $15,000 in scholarships/grants in 2010 and $8,000 of them are taxable then you would report $8,000 to the IRS in your 2010 tax return (which you would complete in early 2011). That would be in your AGI on the 2010 return and you would also report it separately on FAFSA so that it could be deducted from the AGI by the EFC formula (though next years FAFSA is supposed to be “simplified” so who knows how/if it will work). This is so it does not negatively affect your EFC.</p>
<p>The amount entered in the question you are talking about cannot exceed your (the student’s) AGI on FAFSA so if you were to try and enter the promised scholarships now you would get an error message anyway.</p>
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2008??? Are you doing the correct FAFSA? It should be the 2010-2011 FAFSA and it should be asking for 2009 tax data, not 2008.</p>