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EFC and Eligibility for Fin. Aid(Pell, Tap, etc) If I Itemize Deductions?

Just FireJust Fire Posts: 4Registered User New Member
edited December 2011 in Financial Aid & Scholarships
Hello everyone,

I'm a 24 year old Independant college student from NY. I was wondering how much would filing a Form 1040 rather than 1040A or 1040EZ and itemizing deductions affect my financial aid and eligibility to receive things such as TAP and a Pell Grant.

My income is about $23,000.
My status is Independant and I'm not married with any dependants.
Also no assets.
Post edited by Just Fire on

Replies to: EFC and Eligibility for Fin. Aid(Pell, Tap, etc) If I Itemize Deductions?

  • swimcatsmomswimcatsmom Posts: 15,013Registered User Senior Member
    It will not make a difference for FAFSA.

    The filing a 1040a or 1040ez makes a difference for two options - simplified needs test and automatic zero EFC. Simplified needs relates to assets not being taken into account. Automatic zero EFC gives an automatic zero EFC if certain criteria are met including income limits and type of return filed. But an independent student without dependents is not eligible for the automatic zero EFC. Sorry.

    From http://ifap.ed.gov/eannouncements/attachments/0809EFCFormulaGuide.pdf
    Note that the automatic eligibility criteria for a zero EFC is not applicable to a single or
    married independent student without dependents other than a spouse.

    For 2008-2009 FAFSA the upper limit for dependent students to qualify for the automatic zero EFC is $20,000.

    For 2009-2010 it will be $30,000.

    No clue about TAP.
  • jjcddgjjcddg Posts: 508Registered User Member
    Basically, your AGI (ajusted gross income) would be the same whether you itemized using a 1040 or didn't using the 1040EZ.

    THe difference in itemizing is the resulting "taxable" income which is different (and lower than) AGI, but is not a factor in the FASFA.
  • Just FireJust Fire Posts: 4Registered User New Member
    Thank you guys. I've noticed this forum is always a huge help.

    One more thing. For anyone who lives in Ny state and is independant, knows 23,000 a year is not much. When using the EFC Calculator my EFC is almost 6000 and thats a little high for me. Do I have any other options besides scholarships? Thanks again.
  • swimcatsmomswimcatsmom Posts: 15,013Registered User Senior Member
    Actually jj it is a big factor in certain circumstances.
    For simplified needs having income below $49,999 and filing 1040a or 1040ez means no assets are considered by the FAFSA formula.

    For automatic zero EFC having parental income below $20,000 and filing a 1040a or 1040ez means a zero EFC - no matter what the assets are, no matter if there is untaxed income such as social security, no matter if the student has income that would otherwise contribute to the EFC.

    Having to file a 1040 makes you ineligible for both the simplified needs test and the automatic zero EFC.
  • jjcddgjjcddg Posts: 508Registered User Member
    oops... right - sorry
  • Just FireJust Fire Posts: 4Registered User New Member
    hey could you guys answer my below question in post 4. Thanks again.
  • Just FireJust Fire Posts: 4Registered User New Member
    any help guys?
  • iggs99988iggs99988 Posts: 161Registered User Junior Member
    Sorry, huge bump...I'm in a similar situation. I'm not very educated on this so please correct me if I'm wrong. I'm an independent student currently attending college full time. I made 30,000 in income for 2011-2012 academic year. If i file a 1040a and itemize, I will be considered as a zero EFC?? My school's (columbia) COA is huge and my income is minuscule in comparison; is there anything I can do in the way of Pell / TAP grants? Thanks in advance!
  • emeraldkity4emeraldkity4 Posts: 33,289Registered User Senior Member
    If i file a 1040a and itemize, I will be considered as a zero EFC??

    You will get better advice if you start a new thread but I believe this still holds.

    Having to file a 1040 makes you ineligible for both the simplified needs test and the automatic zero EFC.
  • kelsmomkelsmom Posts: 12,539Super Moderator Senior Member
    If an independent student has no dependents other than a spouse, auto 0 is not an option - that formula is only used for an independent student who dependents other than a spouse (kids).

    You will need to contact the school directly to discuss aid with them.
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