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My older sibling is currently attending college--entering his sophomore year--and my family filed a new FAFSA several months ago to renew his aid. However, when reviewing the FAFSA, I noticed that my mother included my father's Social Security Disability benefits--about $15,000 per year--as ordinary income.
I saw that, under item 92i, the FAFSA asks to report any "other untaxed income not reported in items 92a" and to "not include . . . untaxed Social Security Benefits."
So, I have several questions:
1. How do we know how much of my father's social security benefits are taxable? With my father's benefits, our AGI is in the high 40s, and my parents are filing jointly.
2. Each month, we receive a separate check that is made out to my father "for [me]"; that is, he checks it, but it's technically "for me." Is that his income, or is that considered my income? (then again, if it's all nontaxable, then the point is moot).
3. When we do correct this, is it necessary to inform the college specifically that it has been corrected? Or will FAFSA alert the college?