Am I required to fill in asset info even if I qualify for automatic 0 EFC?

<p>The subject title says it all. I am a dislocated worker and my taxable income is < $31K, which makes us eligible for automatic 0 EFC. Am I still required to fill in the asset values and such on FAFSA? We are required to file 1040.</p>

<p>Also, does PROFILE give any such consideration for dislocated worker?</p>

<p>It is your AGI (adjusted gross income) that is important for the automatic 0 EFC and the simplified needs test, not your taxable income. The AGI is different from taxable income (the AGI is before itemized/standardized deductions and exemptions). </p>

<p>Whether you have to report assets or not seems to vary by the state you live in. In our state we still have to report the assets. Not sure why as, as far as I can tell, they small state grant our state offers is based on the EFC.</p>

<p>I don't believe profile gives any automatic consideration for dislocated worker. Individual schools may take it into account.</p>

<p>thanks for the reply. I picked that term from the EFC formula worksheet. Essentially our AGI is also < $31K. </p>

<p>I see the following in the EFC formula guide for 2011-12. According to this we qualify for auto 0 EFC although we file 1040. But now I am kind of doubtful as some other documents seem to indicate that those who file 1040 are not eligible for auto 0 EFC even if they meet other conditions. Do we in fact qualify for auto 0 EFC?</p>

<p>
[quote]
*STOP HERE if the following are true:
Line 3 is $31,000 or less and
• The parents are eligible to file a 2010 IRS Form 1040A or 1040EZ (they
are not required to file a 2010 Form 1040) or they are not required to file
any income tax return or
• Anyone included in the parents’ household size (as defined on the FAFSA)
received benefits during 2009 or 2010 from any of the designated meanstested
Federal benefit programs or
• Either one of the parents is a dislocated worker
If these circumstances are true, the Expected Family Contribution is
automatically zero.

[/quote]
</p>

<p>When you complete the FAFSA online, you will be allowed to skip asset info if your state does not require asset info for its need based aid programs.</p>

<p>
[quote]
But now I am kind of doubtful as some other documents seem to indicate that those who file 1040 are not eligible for auto 0 EFC even if they meet other conditions. Do we in fact qualify for auto 0 EFC?

[/quote]
</p>

<p>AGI under $31K and dislocated worker status should qualify you. Pay careful attention to the word "or" in the qualifications...you don't need to meet every condition.</p>

<p>I could be wrong...but I think when you fill in the FAFSA you will get to the series of questions that related to the simplified needs test (whereby you don't report assets)...if your salary is low enough for that to happen. You will then answer those questions. If you qualify for this, you will not be asked to fill in the asset questions on the FAFSA.</p>

<p>I believe this is similar to the questions for independent student status...you answer the questions and if you qualify, you don't get the parent asset/income questions to complete.</p>

<p>But I could be wrong about this.</p>

<p>We should qualify for automatic zero EFC (AGI less than $31000 and dislocated worker) but the asset questions are showing up on the online FAFSA. I was hoping the "skip logic" would allow me to skip that part. Swimcatsmom mentioned state requirements -- does anyone know about Washington state? Is there a way to check? Has anyone else had this problem? Do you think I'm doing something wrong?</p>

<p>We qualify for auto 0 and always have to answer the asset questions. We are in Oklahoma. No idea why as our small ($1000) state need based grant is based just on EFC. The skip logic has never allowed us to skip the asset questions.</p>

<p>If it asks for assets, you have to put them in. It does not mean you are doing anything wrong.</p>

<p>Thanks for the reply!</p>

<p>If your state did not require it, you would see the question "Would you like to enter additional income or asset information? (Optional)"...or something to that effect. My state does not require it as there is an additional online application that must be submitted on the state website after FAFSA is filed.</p>

<p>a quick question maybe not related...kelsmom? swimcat? anyone? My job does not provide health insurance, so for the last ten years, I have purchased my own Blue Cross policy. The premiums have increased quite a bit for the coverage (self and college aged child), such that now my annual premiums are about 20% of my annual income (33K gross AGI and $6000 in after tax money premium payments). This does not include ANY actual med expenses or Rx payments. The policy is good enough and has a huge deductible, so I am not indulging with the best possible health plan, just one that will protect me in catastrophe.</p>

<p>Can I ask the school (state) for any allowance or prof judgement related to my income protection allowance? I file a 1040A but do not think my income puts me at 0 EFC for 2011-12 since it is over 31K; I think I qualify for simplified needs, though. </p>

<p>I looked into the college's health policy for my student and frankly, it was not enough to make me comfortable. The limit was 50K in coverage. It was also about the same price as what I pay for her on my BX policy.</p>

<p>Anyone? For 2010, annual expenses for med and dental were $6200 incl premiums and $200 without premiums. </p>

<p>THANKS!</p>

<p>It is worth asking. When we had a special circumstances adjustment for high medical expenses a few years back they told us to include everything, including our insurance premiums and our share of prescriptions (which were high). I don't know what they actually included in the final adjustment. But it can't hurt to ask. The worst they can say is no.</p>

<p>swimcat: thanks! I was not sure if the premiums were included as medical expenses. Will proceed accordingly. </p>

<p>Thanks for all you do here, swimcatsmom!</p>

<p>Go to this link: <a href="http://ifap.ed.gov/fsahandbook/attachments/1011AVGCh3.pdf%5B/url%5D"&gt;http://ifap.ed.gov/fsahandbook/attachments/1011AVGCh3.pdf&lt;/a>. Compute your Income Protection Allowance. 11% of the IPA is for medical expenses. If you can provide documentation of medical expenses in excess of the 11%, the school "can" make an adjustment; if not, they can't make any adjustments. Remember, the fact that they "can" does not mean they must ... but it is worth trying.</p>

<p>our AGI was only $26,000 and my husband is considered a dislocated worker. Why did we not get the automatic O. We did last year and nothing has changed. Our EFC was $525</p>

<p>do you think this is why we didnt get the automatic O. We did last year and I filled out the asset section. This year when it gave me the choice I figured I wouldnt fill it out. We are in CA and meet the requirements of AGI under $31,000. This time is was $525</p>

<p>jamjar, the requirements for the Auto 0 EFC were changed by Congress this year. Now AGI must be $23K or less.</p>

<p>Sk8rmom, oh thank you thank you, at least I now know why. I couldnt figure it out!!</p>

<p>That is however a huge significant drop to $23,000, do you think it would make a difference if I filled out the 'assets' section?</p>

<p>Yes, it was a huge drop and somewhat of a surprise move in the budget reauthorization since the Auto 0 EFC qualifier had been set to increase by $1K. Anyway, are you asking if it could lower your EFC if you report assets? That would not be possible and it sounds like you qualified for the other simplified EFC formula which excludes assets anyway. The only reason to include asset info is if your state requires it, in which case you have no choice but to enter the data but it will not be used for the FAFSA EFC calculation.</p>