That only means your FAFSA was not flagged for verification when filed. Your college can still choose to verify your forms.
Okay. Would they need amended tax returns though?
Don’t file Married filing separately. She will lose the AOTC for next year, and the standard deduction is lower. If she has to file as married (I don’t think she will) your father would get a foreign income exemption of almost $100k, so his income won’t matter at all. I think HOH is correct because she is supporting you alone.
Just take everything, even a calendar if she marked where she worked on certain days. Bank statements, w-2’s, old returns.
Good luck.
Then how can she get EITC? If she filed HOH already, then there should be no problem with college verification right? What’s the point of amending tax returns right? These are the things I’m worrying about…(my financial aid being affected and my mom having to pay over 2k)
Ask those questions today. These folks will help you both understand the options.
Good luck op!
Hello. So the people there were very nice, but they told us that HOH is the best filing status and for her to get EITC, she needs W-2, 1009 wouldn’t suffice. Since she doesn’t have W-2s, she can’t amend her tax returns.
I don’t think that’s correct, OP. I know of someone with only 1099 income who got the EIC. He doesn’t have any W-2s either. Here’s the IRS link http://www.irs.gov/Individuals/EITC,-Earned-Income-Tax-Credit,-Questions-and-Answers
I don’t think this mom has 1099s either. She has only her own records for her earnings…that is the issue.
The original accountant wanted some documentation to show where these earnings came from. The mom had none.
I’m wondering if some of this was under the table earnings…and the employers didn’t want it noted.
Well they said that my mom should get W-2s due to retirement benefits or something. 1099s works too but they wanted her to get W-2s if possible. The income she got is all cash income. She could’ve gotten W-2s because her employers offered them but she didn’t ask…so.
My mom told me she will be able to get W-2s from her employers for next year, that’s no issue, but I’m worried about verification for financial aid…
If she was working as an employee and they are required to issue a W2, then she shouldn’t have to ask for it. They can still be provided and taxes amended. She should call them.
Yeah, I know, but my mom doesn’t want to…so it’s her choice…She was able to a few weeks ago before I uploaded/set them to colleges,now she thinks it’s going to take too long and too much effort…if I keep begging her, she’ll get super pissed at me. So…
I should be okay on the college verification side, right?
Hello. What if my mom can only get some, but not all W-2s? (She might be able to though, for 2015) Would it still be better than nothing? Is the financial aid process similar as a current student?
I don’t remember all of the details of this thread is regarding your mom’s employment situation - but your school likely will need to see all figures reported on the tax return documented. If the W-2s submitted do not match the amount she earned as indicated on the return, that will need to be rectified either with some sort of explanation as to where the money came from or physical paperwork showing the figures.
Well, for example, the W-2 will say $5k, and it will say $5k on line 7 on the tax return. I’m saying like the rest of the income won’t be W-2s.
If the rest of the income is reported on FAFSA/CSS Profile/Tax Return, (basically anywhere the school is able to see it) they are going to ask about it.
Oh ok. So, if all of the income is not w-2 or 1099, they’ll ask for sure too, right?
And, how can my mom provide verification if they ask for income verification? She doesn’t know what to prepare if they want proof for the income.
Not for sure. I have 1099 income as well as income that I don’t get a 1099 for (because the individual amounts are too little to require a 1099 though as a group it’s half my income, typically) and no college has ever asked me for more than my tax return.
You will need to see what the school requests and go from there with any follow up questions they might have.
Ok, thanks. They have requested us for anything yet. Maybe they will in April.