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Dad is retired

twolfs4lifetwolfs4life Posts: 100Registered User Junior Member
My dad has been retired two years ago. My family is very poor and cannot make any contribution to my college expenses. I have been living with my cousin for several years now. I was wondering if I am able to get fin aid if my dad does not have tax returns this year. Can he give the tax return papers he had in 2003 or 2002. Also what else do I need to get fin aid. I am a Florida resident and U.S. citizen. Thanks for any help.
Post edited by twolfs4life on

Replies to: Dad is retired

  • thumper1thumper1 Posts: 37,606Registered User Senior Member
    Does your dad not file tax returns because he doesn't have to...or is he just not doing them. Even retirees are supposed to file income taxes in many cases. Having said that...if your dad is not required to file income taxes, there is a filing format on the FAFSA to indicate that he will not be filing. However, you still have to report his retirement income on the form. You will also indicate somewhere on the form that he is retired. Someone else here can also tell you about the simplified needs test. If your family is eligible to file a 1040EZ tax form with limited income, none of your family assets are considered. But I believe you need to file the form. As a Florida resident, are you eligible for any of the Florida college financial incentive programs (Bright Scholars, for example)? Florida (in my opinion) has great financial incentives to keep students at their instate universities. You might want to talk to your school guidance counselor about this.
  • swimcatsmomswimcatsmom Posts: 15,029Registered User Senior Member
    Finaid has a good EFC calculator that is pretty accurate (providing you input accurate figures) and will give you an idea of your EFC.
    http://www.finaid.org/calculators/finaidestimate.phtml

    As Thumper said, if your parent's income is low you may qualify for the simplified needs test. You must meet the following criteria:
    (1) anyone included in the parents’ household size (as defined on the FAFSA) received benefits during the base year from any of the designated means-tested Federal benefit programs, including 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
    the student’s parents filed or are eligible to file a 2006 IRS Form 1040A or 1040EZ (they are not required to file a 2006 Form 1040)1, or the parents are not required to file any income tax return; and
    (2) the 2006 income of the student’s parents from one of the two sources below is $49,999 or less:
    • for tax filers, the parents’ adjusted gross income from 2006 Form 1040A or 1040EZ2 is $49,999 or less, or
    • for non-tax filers, the income shown on the 2006 W-2 forms of both parents (plus any other earnings from work not included on the W-2s) is $49,999 or less.
    If you qualify for the simplified needs test then assets are ignored in the EFC calculation.

    If your parents AGI is below $20,000 you may qualify for an 'automatic zero' EFC if you meet the criteria:
    (1) anyone included in the parents’ household size (as defined on the FAFSA) received benefits during the base year from any of the designated means-tested Federal benefit programs, including 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
    the student’s parents filed or are eligible to file a 2006 IRS Form 1040A or 1040EZ (they are not required to file a 2006 Form 1040)5, or the parents are not required to file any income tax return; and
    (2) the 2006 income of the student’s parents from one of the two sources below is $20,000 or less:
    • for tax filers, the parents’ adjusted gross income from 2006 Form 1040A or 1040EZ6 is $20,000 or less, or
    • for non-tax filers, the income shown on the 2006 W-2 forms of both parents (plus any other earnings from work not included on the W-2s) is $20,000 or less.

    2003 or 2002 tax returns will not work. If he should be filing taxes it must be the tax returns for the correct year (2007 taxes for 2008-2009 tax year). But it appears you can qualify without filing a tax return if he is not required to file.
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