Originally Posted by 4kidsdad
To qualify for 2012-2013 FAFSA's SNT (simplified needs test) which the family may exclude their assets:
A dependent student’s parent(s) must have an adjusted gross income of $49,999 or less.
They must also meet one of the following:
a) Anyone included in the parents’ household size (as defined on the FAFSA) received benefits in last 24 months (last two years?) from any of the designated means-tested Federal benefit programs:
-- the Supplemental Security Income (SSI) Program,
-- the Food Stamp Program,
-- the Free and Reduced Price School Lunch Program,
-- the Temporary Assistance for Needy Families (TANF) Program, and
-- the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC); OR
b) The student’s parents were eligible to file a 2011 IRS Form 1040A or 1040EZ (this means they were not required to file a 2012 Form 1040), or the parents are not required to file any income tax return; OR
c) The student’s parent is a dislocated worker.
To be clear on item, “b” above, it does not matter what 1040 version the student’s parents actually filed. What matters is what 1040 version were they eligible to file. If they were eligible to file the 1040EZ or 1040A, even if they actually filed the 1040 long form, the student meets test “b” above.
sry to reply so late, i just moved in to my dorm and had to go to work:/
i have already got financial aid for 2012-2013. but in the past month all of a sudden i got like 10k+ of inheritance money. i used a few grand for supply and fees.
it's the next year im worried about...we did fill out a IRS1040 form this year and as of the economy right now, my parents are probably gonna make less than 27k this year.
and only one of my parents are working, the other is a full time mom.