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If you are not required by the IRS regulations to file a tax return, then don't file one. If you are required by the IRS regulations to file a tax return (interest income over a certain level, income from a job over a certain level, etc.), then file one. Don't file one just because of financial aid.
The colleges will use the information on your Profile regarding student income and assets regardless of whether you file an income tax return. For example, financial aid calculations consider the amount of assets you have, while tax returns don't - taxes consider only the income from those assets.
The only issue regarding filing and the Profile is that if you file a return the numbers had better match or make otherwise be consistent between the two forms - no fudging allowed.
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