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2018-2019 FAFSA... Here we go

24

Replies to: 2018-2019 FAFSA... Here we go

  • twoinanddonetwoinanddone 24088 replies19 threads Senior Member
    "The student and one parent need the credentials. "

    And they have to use different emails (so can't use the one email set up just for the college search, for example)
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  • twoinanddonetwoinanddone 24088 replies19 threads Senior Member
    Austinpop, did you enter 'cents' in the income section? Did you put your income in the student section?
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  • momocarlymomocarly 969 replies12 threads Member
    So, if your kid is a freshman now do you do the FAFSA again? He got no aid but for merit we did it. Just not sure.
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  • liveonbocaliveonboca 340 replies20 threads Member
    Does anyone know about valuing a Florida Prepaid College Plan for the FAFSA. Is it the refundable amount (original investment) or do we have to calculate the number of credit hours by the 2017 rate? Thanks.
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  • twoinanddonetwoinanddone 24088 replies19 threads Senior Member
    " if your kid is a freshman now do you do the FAFSA again"

    Yes, if you want loans or any aid. If his merit aid requires a FAFSA, then do it again. (my daughter's does require it).
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  • austinpopaustinpop 52 replies4 threads Junior Member
    @twoinanddone

    I'm not sure what you're asking?

    1. Parents' 2016 info was transferred from DRT
    2. Child had no 2016 return, and amounts for income and saving were very small.
    3. All manually entered amounts (i.e. not from DRT), were in whole $, with 0 in the cents field.
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  • twoinanddonetwoinanddone 24088 replies19 threads Senior Member
    It looks like your EFC is about 100x what it should be($115k rather than $1150?), so if you entered income as 50,000 00, it would be way too much income. Or if the income was entered in the student section.

    If you used the DRT, it could still be wrong but you can't tell.

    All you can do is go through every line, and then call FAFSA to see what the problem is.
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  • austinpopaustinpop 52 replies4 threads Junior Member
    Yeah, I will call them tomorrow. We shall see how helpful they are!
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  • bearcatfanbearcatfan 1178 replies12 threads Senior Member
    @liveonboca For Ohio I logged the 529 website and just printed out its current value.

    Oh, and remember to include the value for ALL tuition plans under parents' assets, including those of children you are not filing the FAFSA for. I didn't realize that at first.
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  • thumper1thumper1 77177 replies3429 threads Senior Member
    @austinpop

    Any chance you did a retirement rollover in 2016?
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  • BelknapPointBelknapPoint 4843 replies19 threads Senior Member
    All manually entered amounts (i.e. not from DRT), were in whole $, with 0 in the cents field.

    There is no cents field. If by the above words you mean that you entered two zeros for cents to represent whole dollars, you did it wrong.

    Let's say that the actual income figure on a W-2 for parent 1 is $53,415,38. The proper amount to enter on FAFSA is 53,415. Not 53,415.00 or 5341500. Round to the nearest whole dollar and do not enter any digits for cents.
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  • mommdcmommdc 11862 replies31 threads Senior Member
    Ideally your parent 1 and parent 2 earned income listed on FAFSA should add up to your 2016 AGI minus any other taxable income reported on the tax return .i.e. interest
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  • BelknapPointBelknapPoint 4843 replies19 threads Senior Member
    Does anyone know about valuing a Florida Prepaid College Plan for the FAFSA. Is it the refundable amount (original investment) or do we have to calculate the number of credit hours by the 2017 rate?

    For a prepaid tuition plan, the amount to report on FAFSA is the refund value. From the FAFSA instructions:

    Investments also include qualified educational benefits or education savings accounts (e.g., Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans). For a student who does not report parental information, the accounts owned by the student (and/or the student’s spouse) are reported as student investments in question 42. For a student who must report parental information, the accounts are reported as parental investments in question 91, including all accounts owned by the student and all accounts owned by the parents for any member of the household.

    https://fafsa.ed.gov/fotw1819/pdf/PdfFafsa18-19.pdf
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  • tandrsmomtandrsmom 21 replies4 threads New Member
    "2. You can only add 10 colleges at a time to the FAFSA. Since my kid is applying to about 15, this worried me, until I did a bit more research. The recommendations I found suggest adding your in-state schools first, then add those with the earliest financial aid deadline. Later, after you recieve the Student Aid Report, you can delete those first 10 and add more."

    Can someone please explain this further? DS will be applying to more than 10 schools, as well. If we list the first 10 and submit, how do we then go back and delete those and add the others? And if we do that, will the first 10 schools still get the FAFSA data they need?

    Thanks!
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  • klbmom18klbmom18 323 replies8 threads Member
    Could you explain the 10-school issue again? We have 13 :(
    Also, DRT did not work for me yesterday -- just kept re showing the same screens.
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  • austinpopaustinpop 52 replies4 threads Junior Member
    @thumper1

    You hit the nail on the head! You wrote:

    "Any chance you did a retirement rollover in 2016?"

    I have been in touch with FAFSA support, and this is indeed the issue. It is actually a painful issue, as I'll describe.

    I did have a rollover from my former employer's 401(k) to a rollover IRA. On my 1040, it was correctly reported on line 16a, and since it was a rollover, line 16b showed a value of 0.

    I seem to have run afoul of a quirk of the FAFSA/DRT. When you run DRT, it populates FAFSA line 94f (Parents' Untaxed Portions of Pensions) with the value from 1040 line 16a. Not 16b.

    Then ... and this is key ... you are apparently prompted with a checkbox on FAFSA below line 94f to indicate if this was a rollover. Clearly, my daughter and I missed that.

    But worst of all - you CANNOT correct this by going through a Make Corrections flow on the FAFSA website!! Once submitted, that rollover checkbox never reappears.

    So the next step for us is to wait until the school shows they have received the FAFSA, and then visit the OFA and request them to correct it. This probably means letters, supporting docs, etc.

    All of this could have been avoided by ticking a checkbox. Ironic, huh!

    So my advice - double and triple check every line on your FAFSA before submitting. Not everything can be corrected on the website.

    Live and learn.
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  • thumper1thumper1 77177 replies3429 threads Senior Member
    Thanks for the heads up about that little box about the rollover. IIRC, that is new this year.

    At least you know what the issue is...and it should be easy to document.

    And I'm betting a week's pay you aren't the only one who has had this issue!
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  • OHMomof2OHMomof2 13231 replies247 threads Senior Member
    The more than 10 thing is easy. You put the first ten (we did it alphabetically), and submit. Then when it's processed, usually a couple of days later, you take off the first ten and put the next however many and submit. All the schools get it. @klbmom18 @tandrsmom
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  • austinpopaustinpop 52 replies4 threads Junior Member
    Yes indeed @thumper1 !

    What is even more insidious is that now you don't see DRT values. Only the words "Transferred from IRS." So you can tell which values are non-zero that you need to pay attention to!
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  • SeeksKnowledgeSeeksKnowledge 192 replies24 threads Junior Member
    Hey guys I've not done the FAFSA yet, waiting for some checks to clear, but my DD is cooping this semester. I've read her coop $$ doesn't count against her. Is there a line item that specifically asks how much $$ she's made from co-op or do we just exclude that from her income? Thanks :-)
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