ewhitt

I made a terrible mistake and broke the law. I am paying for this many times over. I now must claim 200k in income ( which is far more than I took) for last year and the coming year. I am working as a server and flat broke. Is there a way I can have this considered I FA as I really need to go to school or I am stuck with this amount. Please believe I want to pay my debt to society and never get into trouble again. Thanks for any help

vballmom

Are you saying that your adjusted gross income for 2008 and 2009 will be $200,000? And that you will be paying taxes on this dollar amount as if it were "real" income?

thumper1

I'm so confused. How does your high income have anything to do with you breaking the law?

mom2collegekids

Are you being made to declare this as income because the law believes your criminal activity netted you that much money, and therefore you now need to pay taxes on it?

This sounds like some kind of drug dealing stuff (or similar), and the law is saying that you made $200k by breaking the law, and you must declare it as part of some kind of plea deal that you made.

Is this part of your plea deal?

mom2collegekids

If you have to declare that much money as income, then that will affect F/A. The assumption is going to be that you had access to that much money as "income."

I don't think going to school right now should be your first priority. I think working full-time, getting your legal issues settled, and getting your finances in order, should be your first priority.

Besides, you'll have to declare that you were recently arrested and convicted (and probably on probation). I would think a college would rather see that you've "kept your nose clean" for awhile before admitting you.

LasMa

I don't see where ewhitt asked for life-coaching, legal advice, or speculation about admissions, just an answer to an FA question.

ewhitt, I don't know enough about it to advise you, but I just want to wish you good luck whatever happens. Things have a way of working out when you keep doing the right thing.

2collegewego

ewhitt, you may need to wait a couple of years until your taxes more accurately reflect your income.

If this is drug-related, it may rule you out for certain financial aid. I believe people with drug convictions aren't allowed to get federal aid (and I guess that means federal student loans too).

You're message is a bit cryptic. There are a few college financial aid officers that hang out on this forum. Maybe you could send one a private message with more details of your situation to see if they have any ideas.

mom2collegekids

>>>
I don't see where ewhitt asked for life-coaching, legal advice, or speculation about admissions, just an answer to an FA question.
<<<<


He asks for "any" help: "Thanks for any help."


I believe I gave logical advice (to get his situation in order first).

I put forth a likely scenario since the OP was rather vague about the issue - except for indicating that he was involved with a crime that has left him with a situation where he must claim $200k as income for 2 years.

I speculated about his scenario, because Thumper expressed confusion about how such a debt could exist in post #3; many people don't know that when someone is involved with a crime that involves receiving large amounts of money (that is not recovered), that the person can be made to pay taxes on that income as well as receiving a sentence.


Thankfully, 2college noted my drug-related speculation and added the important info that those convicted of drug crimes can't get certain federal aid. So, if drugs are involved with this situation, speculation has led to the OP receiving more needed info.