<p>Kelsmom, well, that’s not what I wanted to hear, but I appreciate your looking into it and getting back, Thanks. One of the things that bothers me is that if we answer the “eligible to file a 1040A or 1040EZ” questions, we can truthfully say we are eligible to file a 1040A or EZ, so the only reason that now we apparently can’t is that we were selected for verification. Wouldn’t that mean that those not accepted for verification qualify? I don’t like using the “not fair” words because I know things aren’t always fair, but geez…</p>
<p>How does one tell what credits are OK and what ones aren’t?</p>
<p>I don’t know what to do about the fact that one school so far has verified us as we submitted and one school hasn’t. What do you suggest? Do I call the one who verified us and explain what the other school thinks? </p>
<p>If I have to file an amended tax return and eliminate the credit, is there a deadline to do that?</p>
<p>Sorry about all the questions, but I’m flummoxed and disappointed.</p>
<p>If you want to file an amended return, talk with your tax preparer about whether or not that makes sense. Individual circumstances do vary. I try not to give tax prep advice …</p>
<p>Unfair? It often seems that way. I do understand that. That is probably why the move is toward just using very little info besides number in household, number in college, and wages/AGI. The goal is to get a direct IRS feed, dumping “real” info to the financial aid offices. I don’t know when/if that will ever happen, though.</p>
<p>^^That would be so very cool. Wouldn’t it be cool if at the end of the tax form there was a check box (I want this information transmitted to the following colleges and a way to click the codes for all the colleges)! Wishful thinking on my part I’m sure. Shoot, it could even get rid of the creepy CSS and then those privates could just send an e-mail if they really, really need to know we drive circa 1993 vehicles and requesting whatever they can’t “figure out” from the 1040!</p>
<p>It’s a double-edged sword, though. The true effect of simplification is that only the very lowest incomes will get federal grant aid (in the form of Pell) … with all other federal aid pretty much limited to unsubsidized loans … if the ideas on the drawing board are implemented down the road. The move is toward higher Pell awards & no subsidies on loans. Nothing else … In other words, the middle gets completely squeezed out, without even subsidized loans. Mind you, all of this is still at “talk” stages and may never happen. But it might …</p>
<p>If the FAFSA is simplified, look for MORE schools to add Profile or an institutional form. That’s the only way to be able to get enough info to distribute institutional aid equitably.</p>
<p>In 2006, it would appear that the residential energy credit was allowed. The woman in charge of policy and procedures at the university that changed our FAFSA has contacted
the Dept of Ed to see if it is OK this year. I should know soon. Thanks for everything…</p>
<p>PLEASE post the outcome here. If the DOE okay’s it, that would be very important guidance for me to know about. I can’t take what is posted here as guidance, obviously … but that would prompt me to go to my managers about looking into it further. Thanks.</p>
<p>FYI, the FAA is still waiting for an answer from DOE. Apparently, her email to them ended up in their spam filter. I also contacted one of our senators last week, and one of his associates was going to ask DOE. No word back yet.</p>
<p>Kelsmom and others–The woman in charge of financial aid policy and procedures heard from DOE that I AM able to take the residential energy credit on the 1040 and still qualify for the simplified formula. I can sleep again.</p>
<p>I have a similiar problem. I filled out the FAFSA and checked could have filled out a 1040 A. We qualified for a simplified needs test based on the under $50,000 income test. The reasons my husband filled out a 1040 was we didn’t think we could report my election inspector income of $280.00 on a 1040 A form and also we filled out section L for tax on auto bought in 2009. We could have filled out a 1040 A for the auto. The person in financial aid at my son’s college said the section L car tax deduction triggered the request to ask for my son’s and our asset reports. </p>
<p>My question. Can you fill out a 1040A to report an election inspector salary and not identify it as any thing like you identify the HSH housekeeping, but just add the money in to the designation Wages, Tips, Salary’s, or do you have to file a 1040 to report election inspector income.<br>
My other question is that the Financial Aid Department at the College also asked us to report our son’s assets. What triggered that? The fact that we filed a 1040 instead of a 1040 A. He wasn’t required to submit his assets on the FAFSA??? I assumed it was because he didn’t need to file a federal income tax return. Next year he will need to file a federal income tax return. </p>
<p>I am mostly concerned about reporting sons assets as they are reported at 20%. I don’t know the importance of, or how much keeping his assets are costing us year after year. We let him have our car instead of making him buy it. Maybe we should make him buy it to decrease his assets. We don’t own a home, and live quite poorly, but unfortunately or fortunately we save.</p>
<p>Not being aware enough I sent in the parent and student asset information to the college. The financial aid person said I had to and I didn’t feel competent enough to dispute her. She told me to put all 0’s down, that it wouldn’t effect my son’s financial aid, because you still qualify for the simplified needs test according to the federal government if your income is under $50,000. I couldn’t put all zero’s in. I am mostly concerned about next year. Does anyone know how to find out how you can make sure the college doesn’t ask for son’s assets. They aren’t that much, but I don’t want to have them used against him year after year. What triggers the school to ask you to report student’s assets if he is a dependent? Is it the tax form the parents fill out-- 1040 or 1040 A, or possibly the student filing a federal income tax, because his income and scholarships dictate that he file??? Thank you</p>
<p>Just to further explain the election inspector problem. Am I considered an independant contractor, self employed, or is it considered business income? My husband put the election inspector income under other income on the 1040 form for tax year 2009. I received no form in the mail or otherwise from the town to report on the tax form regarding my election inspector job (I don’t know the number of the form). I just received a check with no taxes taken out. I might not be an election inspector anymore if it cause us to have to fill out a 1040 instead of a 1040A.</p>
<p>Just to further explain the election inspector problem. Am I considered an independant contractor, self employed, or is it considered business income? My husband put the election inspector income under other income on the 1040 form for tax year 2009. I received no form in the mail or otherwise from the town to report on the tax form regarding my election inspector job (I don’t know the number of the form). I just received a check with no taxes taken out. I might not be an election inspector anymore if it cause us to have to fill out a 1040 instead of a 1040A.</p>
<p>That is wonderful news IBMom! Well done and kudos to you for pursuing this and finding out the answer. They really need to make rules that make more sense and are easier to follow. I wonder how many people miss out because the rules are confusing, not only for parents and students but for FA officers.</p>
<p>That’s fine. People do it all the time. You are probably not getting much response because we just don’t know the answer. If the income has to be reported on a 1040 then it probably does make you ineligible for the simplified needs test. I tried googling it but was finding conflicting information. One place I found said that it was not even reportable income for taxes while another said it was and should have a W2. It might be worth consulting a CPA for expert advice on how and if this should be reported for tax purposes.</p>
<p>Thank you. swimcatsmom. I found a tax regulation that said it didn’t have to be reported (election inspector pay) as it was considered a fee for a public official? </p>
<p>The financial aid came thru this year. Amazing. We were eligible to file a 1040A.</p>
<p>Now my husband received a letter from “jury duty.” Just asking for information but not asking him to serve. I think I’ll buy “Tax 2010 for Dummies” That book on the web states jury duty can be filed on the 1040A. But the C.P.A.'s and Fin aide persons on the site, and I think I read somewhere else, that jury duty pay had to be reported on the 1040 form.</p>
<p>I can’t believe the huge mistakes I almost made. By finding this site, I called the Fin Aid at the college, and they changed it to “could file a 1040A.” As they thought we itemized. clbmom </p>
<p>Thanks swimcatsmom. </p>
<p>I wasn’t going to call, but you gave me the encouragement and facts I needed.</p>
<p>Some schools, and even some states, require asset info even if you qualify for simplified needs. It doesn’t affect your FAFSA EFC (FAFSA usually gives you the option of providing this additional info). The schools/states may use it to grant their own need based aid.</p>