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Student's Income from 1099

paulamclpaulamcl Posts: 10Registered User New Member
I am trying to fill out the 2012 FAFSA based on mine and husband's 2010 income tax which is fine. However when it comes to the Student's information I am having a problem. My daughter has never had to file income taxes in the past since she never earned enough money. This year she will probably be receiving a 1099 based on untaxed income she has earned from internet sales. If I check "will file" it then goes on to ask me questions I cannot answer since I have no numbers from last year to estimate from. If I check "will not file" I will then have to go back and fix it changing her income from $785 to $6500 which really doesn't sit very well with me. If I check "will file" and use $6500 I have no way of figuring the rest of the numbers since this would be the first time. Any suggestions on what to do?

** After posting I spoke to someone in the financial aid office of one of the school's she is applying to The answer -- check "will file" and give my best estimate of taxes at $650.

Also, do I have to indicate the money she received from SS Disability (mine) even though it went directly into a custodial 529 account.
Post edited by paulamcl on

Replies to: Student's Income from 1099

  • thumper1thumper1 Posts: 32,454Registered User Senior Member
    You use the "will file" option and you put down the $785 your daughter earned doing that 1099 work.Then when she has filed her taxes (she is required to do so if her 1099 work exceeds $400) you will go and amend the FAFSA with the numbers from her tax return, and change the status to "taxes completed"...and resubmit.

    It sounds like you have exactly the number you need...If your daughter really has NO idea how much she earned, you will have to estimate. But truthfully, most self employed folks (should) keep an accounting of their earnings...so this should not be all that difficult to estimate for FAFSA purposes right now.
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