right arrow
Examples: Monday, today, last week, Mar 26, 3/26/04
Join us for a LIVE webinar Friday, April 3 at 3pm ET to hear from admission officers on how COVID-19 is impacting admissions at schools. REGISTER NOW and let us know what questions you have and want answered.
As schools continue to announce their decisions, we put together the Class of 2024 RD Discussions Directory. Connect with fellow applicants NOW!

NYS Tap IRA rollover question?

nypapanypapa 129 replies9 threads Junior Member
Filling out the New York State tuition assistant (Tap) application online, there is the question about pension income.

I'm not receiving any pension, however I had a rollover from a previous employers retirement account into an IRA. All of the funds in the account where completely rolled over. This shows up in the corresponding FAFSA as untaxed distribution, I think...

I want to avoid that Tab counts the rollover as income and possibly answering something wrong that throws off the calculation.

Have anyone encountered this issue?
2 replies
· Reply · Share

Replies to: NYS Tap IRA rollover question?

  • mommdcmommdc 11858 replies31 threads Senior Member
    In the FAFSA if it imports the tax return information, it will count the rollover as income.

    You then have to put the amount of the rollover in the field where it asks for it.

    If you miss it, I don't think you can do it later.

    But you can ask the school to correct the FAFSA, not sure if FAFSA helpline can do it as well.

    The school will probably want the 1099R showing that it was a rollover.
    · Reply · Share
  • nypapanypapa 129 replies9 threads Junior Member
    Thanks mommdc. I believe I got the FAFSA application correct using the automatic tax return import and reporting the rollover.

    After finishined FAFSA and continuing to the New York State specific aid application (TAP) there is a question:

    "Did Parent 1 or Parent 2 have pension income in 2018?"

    Again, I only had a direct 401k rollover into an IRA.
    Not sure what to answer there in this respect
    (no= I didn't get a pension or yes=I did a rollover).


    See also:

    https://www.hesc.ny.gov/partner-access/financial-aid-professionals/how-to-fill-out-the-tap-application-2020-21.html

    ps.
    Tried reaching the help line, but the recording says the call center has now been redeployed to handle corona virus cases, which is obviously more important at the moment.
    · Reply · Share
Sign In or Register to comment.

Recent Activity