Taxable college grant and scholarship aid reported in AGI

Paying for College
1

Hello

So I got an email from my school saying that I need to complete my financial aid file. One of the forms that I have to fill out is the Parents’ Additional Financial Information. I have to put in the amount of the Taxable college grant and scholarship aid reported in AGI: Taxable college grant and scholarship aid reported to the IRS in the adjusted gross income. Includes AmeriCorps benefits (awards, living allowances and interest accrual payments), as well as grant and scholarship portions of fellowships and assistantships.

My parents have their IRS joint filed. Am I supposed to put what says on the IRS form line 37? or line 7?

2

Do your parents have any Additional Financial Information? Do THEY have taxable college grants or scholarships aid, such as did one work for AmeriCorps? If they did, that payment (that they might have transferred to you, is extra taxable income to him/her.

Do they have any grants or scholarships reported on their taxes?

3

The Form my parents only have is Form 8863 that says “claiming either the American opportunity credit or lifetime learning credit” and this form has the name of my brother who attends at a University

4

It sounds like your parents have nothing else to report. The American opportunity credit or LLC are tax credits, not taxable scholarships or grants.

5

Does this also apply to fafsa question 93d. Parents’ College Grant and Scholarship Aid Reported to IRS as Income?

I looked up how to answer 93d and it said that I need to put what says om Form 1040 line 37 which on my parents it
says “41,390”

Should I put “0” on both the fafsa question 93d and on the Taxable college grant and scholarship aid reported in AGI in the Parents’ Additional Financial Information?

6

That doesn’t sound right. Line 37 on the 2017 Form 1040 is AGI. AGI is not the same thing that FAFSA question 93.d is asking for.

Yes, if in fact in 2017 your parents had no taxable college grant and scholarship aid that was reported to the IRS as income.

7

Did you use the data retrieval tool in FAFSA to import tax information?

Did your parents have taxable scholarship income that they reported on their tax return? If no, then that question doesn’t apply to them.