Here's the scenario: My oldest graduated in 2007. He started
living on his own & had a full time job, he decided not to
continue his education for that year but in 2008 he decided to go
to a technical college and asked me for my tax returns so he
could get financial help so I gave them to him. Now again this
year he is asking me for my tax returns for financial help. My
question is if he has been living on his own since graduation and
had a job why does he need my tax info. PLMK, TY
http://averagemomaveragelife.blogspot.com
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A THOUGHT TO PONDER: "On the road of life there are passengers and drivers, which are you?"
1|1|Weird. I know my gf's children require it but they live at home... unless he's lying and saying he's still at home with you maybe to cut cost?|Kristy|mi3zons1@yahoo.com|10:48:29|06/06/2009|
"Women should not have children after 35. Thirty-five children are enough." - anonymous (Only 28 to GO!) 2|2|My Brother using my parents because he lives at home and they pay his technical college. So its more that my parents are saving money themselves! If he lives on his own then he should not be using your info. My understanding is that is only applied when the student lives with there parents.|slygirl217|lizzard41101@hotmail.com|11:21:00|06/06/2009|
hth
Liz Chapell
*Proud Army Wife* 4/11/01
~Mommy of Elizabeth~ 2/4/02
lizzard41101@hotmail.com
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3|2|I do the financial aide appications for my son in college|spilleliz|spilleliz@gmail.com|11:23:00|06/06/2009|
And they require my income because he lives with me and I support him But from the sound of your son's situation he shouldn't need your tax return If he is claiming you support him he may cut himself short on financial aide He should speak to someone at the financial aid office at the school
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4|3|That is what I thought. Thanks for your input.|pumamomma|pumamomma@yahoo.com|11:33:27|06/06/2009|
http://averagemomaveragelife.blogspot.com
selling Avon products/gifts & Tastefully Simple easy gourmet foods
***If you are on the BTL or BTW, please don't email me about trading, TY***
A THOUGHT TO PONDER: "On the road of life there are passengers and drivers, which are you?"
5|4|I think if the student is under 24|mimom|amyinmi8888@yahoo.com|11:44:51|06/06/2009|
The parents income is still under consideration even though the student is not living with the parents. I am almost positive on that. 6|5|Really?? Is that in all states? I'd like to find out more about that|spilleliz|spilleliz@gmail.com|12:52:56|06/06/2009|
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7|6|Yes, it's national|mimom|amyinmi8888@yahoo.com|14:40:45|06/06/2009|
Posted on Jun-06-09 at 02:40 PM (Eastern) by 76.226.220.30
I think in the first set of questions in the financial aid form, there's one asking something like "Were you born before 19__? That's the year the student turned 24. While there are exceptions, parents can claimed a full time student under 24 as a dependent in their income tax return and I believe most insurance companies allow parents to put their 24 year old full time student as a rider on their policy. Yes, regardless whether the student live with parent or not, the parent's income tax return has to go with the financial aid application if the student is under 24 years old. That's the way I understand it.
8|7|Found this on financial aid finder|mimom|amyinmi8888@yahoo.com|17:10:25|06/06/2009|
Dependent vs. Independent
One common factor involved in all federal and state financial aid applications is determining your status as dependent or independent from your parents. Students who are claimed on their parents’ yearly income tax forms and who receive financial support from their parents are classified as dependents. When filing for financial aid, dependent students must report their parents’ yearly income and assets on their aid applications. Independent students are financially self-supporting and are not claimed by their parents for tax purposes. If your parents don’t claim you as a dependent on their tax forms and you are 24 years of age or older, then only your income will be used to determine your ability to pay for college, thus increasing your eligibility for financial aid. What if you are under 24 years of age and your parents don’t claim you as a dependent? Declaring financial independence isn’t as easy as it used to be, unfortunately. The U.S. government believes parents are still chiefly responsible for their children’s education whether or not they are classified as independent. Because of past abuses, more proof of independence is now required (see below). Under new laws, the parents of so-called under-age independent students may still have to provide income and asset information on financial aid applications even if they don’t officially claim the student on their tax return forms.
While it is difficult for students under the age of 24 to establish independent status, the possibility is worth pursuing if you are having extreme difficulty getting your parents to contribute to your college expenses or even signing your application forms. Be sure to see your financial aid advisor if you have questions about changing your status due to special circumstances. 9|1|Up to 21 you are responsable no matter what in some states and they want your info up to age 24 and even 26 in some states as proof of|tollman62|thebossatnight@yahoo.com|18:58:13|06/06/2009|
dependent or independant status I learned this the hard way when my oldest went to college. My best advice to parents of younger children is before January 1st of your childs junior year in high school pull all your money out of bank accounts or traceable assets except IRA's and long term retirement planning and yes they want to know how much you have in these accounts also. Pay your bills in cash if possible maintain a checking account with a low balance and putmoney in before writing checks. Doing this would have saved me 28,000 over the first 2 yeatrs of my oldest daughters education.
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you always hear noises in the dark when you work at night 10|2|That is true from when I was attending college....I had married at 20 and never moved back home after I was divorced at 22....I restarted college at 23 and had to provide documentation (mortgage papers/rent receipts, utility statements, etc) to prove I didnt live with my parents for several years so I could apply for financial aid independently. Another poster is correct...if he is saying he is living with you, he is shorting himself on financial aid he may qualify for!|saint6811|waylan@comcast.net|19:17:24|06/06/2009|
"Middle age is when you choose your cereal for the fiber, not the toy." 11|3|I was just talking to my parents about this today since I have a "half" bro & sis that are 25 & 32 yrs old|pumamomma|pumamomma@yahoo.com|14:11:08|06/07/2009|
whom went on to college and they said that it is national that anyone under 25 going to college whether living with parents or not that they need the parents tax info for financial help UNLESS they emancipate themselves and that is hard to do. They said that emancipating yourself when your 18 through the school system is entirely different than emancipating yourself for financial help purposes.
http://averagemomaveragelife.blogspot.com
selling Avon products/gifts & Tastefully Simple easy gourmet foods
***If you are on the BTL or BTW, please don't email me about trading, TY***
A THOUGHT TO PONDER: "On the road of life there are passengers and drivers, which are you?"