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FAFSA / Tax Form Questions

VinnyMVinnyM 44 replies3 threads Junior Member
Where on Form 1040 and/or 1040A can I find the answer to Question 44d: Student’s College Grant and Scholarship Aid Reported to the IRS as Income. (How much taxable college grant or scholarship aid did you report to IRS as income?)?
Thanks!
VM

edited December 2018
78 replies
Post edited by MaineLonghorn on
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Replies to: FAFSA / Tax Form Questions

  • twoinanddonetwoinanddone 23808 replies17 threads Senior Member
    It is on the income line (line 7? on 1040; line 1 on 1040A?) It would be just to the left of the total income and usually appears in ( ) as 'Income............(Sch. $xxx)...$1000.


    Did you have scholarships or grants used for room and board or other non QEE items? (tuition, most fees, books paid for with scholarships do not need to be reported).
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  • VinnyMVinnyM 44 replies3 threads Junior Member

    Come to think of it, I did not file a tax return for 2017 since I had no earned income and no typical unearned income; such as, capital gains, dividends, interest, etc.

    If I had reported my college grant and scholarship aid to the IRS as income, (1) who would have reported those amounts to me, and (2) how?

    Thanks!

    VM

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  • VinnyMVinnyM 44 replies3 threads Junior Member


    Did your parents file a 2017 income tax return and which tax form was used?

    My parents filed a 1040 last April, but are planning to file a 1040X/1040A in the next few days.

    How should I answer:

    Parents Filed 2017 Income Tax Return?

    Parents’ Type of 2017 Tax Form Used?

    Thanks!

    VM

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  • VinnyMVinnyM 44 replies3 threads Junior Member


    Where on my parents' 2017 1040 would I find the answer to Question 93d...

    How much taxable college grant or scholarship aid did your parents report to the IRS as Income?

    Thanks!

    VM

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  • allyphoeallyphoe 2524 replies61 threads Senior Member
    None, unless your parents themselves were in college.
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  • CaMom13CaMom13 2050 replies14 threads Senior Member
    If you were a full-time student paying tuition or living expenses out of your grants and the grants weren't specifically taxable nothing is reportable. This question really is asking did you have any taxable grants not did you have any grants.
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  • VinnyMVinnyM 44 replies3 threads Junior Member

    How would my college report what grants were taxable, in whole or in part?
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  • thumper1thumper1 76432 replies3379 threads Senior Member
    You would get a 1098T from the college that would state your scholarship award.
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  • VinnyMVinnyM 44 replies3 threads Junior Member
  • thumper1thumper1 76432 replies3379 threads Senior Member
    Your FAFSA questions are based on what your parents did for the 2017 tax year....not for the future.

    So...you put YES, and 1040....if that is what they did in 2017.
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  • VinnyMVinnyM 44 replies3 threads Junior Member
  • VinnyMVinnyM 44 replies3 threads Junior Member
  • VinnyMVinnyM 44 replies3 threads Junior Member


    I do not mean to be funny, but would your advice change if they filed the amended 2017 tax return (1040X/1040A versus 1040) today?

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  • VinnyMVinnyM 44 replies3 threads Junior Member


    @thumper1

    I do not mean to be funny, but would your advice change if they filed the amended 2017 tax return (1040X/1040A versus 1040) today?

    VM

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  • thumper1thumper1 76432 replies3379 threads Senior Member
    If your parents are amending their 2017 tax return...you need to put what they are actually filing for 2017. Frankly, until this is done...you should just wait unless you have a deadline you must meet. Fact is...they are amending their tax return, but you don’t really KNOW what they will end up doing for the 2017 tax year.

    In addition, if they are amending the tax form, it should be because there is an error on the original 2017 submission. If that is the case, how would you complete your FAFSA anyway? You don’t have accurate 2017 tax year information...yet.

    And lastly, if they amend their 2017 tax return, you will NOT be able to use the IRS Dta Retrieval Tool when completing your FAFSA....so...they will need to order a tax transcript because your school will probably require this.

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  • VinnyMVinnyM 44 replies3 threads Junior Member
    ======================================================
    Question 86: What was your parents' total income tax for 2017?
    ======================================================

    The 2019–20 Completing the FAFSA® Form (Published September 2018) advice for Question 86: What was your parents' total income tax for 2017? on page 48 does not say "The amount may be negative" or "If negative, enter 0".

    Since Line 56 of my parents' 2017 1040 return is 0 and Line 46 is $498, Line 56 minus Line 46 is –$498.

    Do I answer Question 86 with –$498 or $0

    Thanks!

    VM
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  • mommdcmommdc 11755 replies31 threads Senior Member
    edited December 2018
    If your parents are amending their 2017 tax return then you need to let the school know and provide the 1040X to them.

    Why are they amending it? Was there a mistake?

    Were you in college in 2017? Did you have taxable scholarships to report?

    You would report them on your tax return, not your parents'.

    The FAFSA asks question 44d because if a student reported taxable scolarships as part of AGI on their 2017 tax return, then the amount in question 44d will be subtracted from student income for EFC calculation purposes on the FAFSA.

    But if you didn't file a 2017 tax return and didn't report taxable scholarships on your return,then you would leave this question blank.

    You would indicate any income you had for that year and say that you didn't file a return.
    edited December 2018
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  • mommdcmommdc 11755 replies31 threads Senior Member
    If your parents had no tax due the answer would be $0 tax paid.

    If they haven't amended their 2017 tax return yet, and filed a joint return, you can use the data retrieval tool in the FAFSA. It would bring all relevant numbers over from their tax return automatically.

    But if they later amend the 2017 return, you would need to contact colleges with that information, in case the FAFSA EFC would change.
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  • thumper1thumper1 76432 replies3379 threads Senior Member
    If your parents had no tax due the answer would be $0 tax paid

    Just clarifying....this is the amount of taxes your parents PAID in 2017, if any.
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  • VinnyMVinnyM 44 replies3 threads Junior Member


    @allyphoe,

    Thank you for your help with Question 93d: How much taxable college grant or scholarship aid did your parents report to the IRS as Income?

    Sincerely,

    VM


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