<p>Would anyone happen to know when the FAFSA/IRS match goes though? </p>
<p>I am curious, because if it goes through when I start applying to graduate schools, then it would be neat.</p>
<p>It would be neat because I honestly believe that the FAFSA/IRS match would eliminate a great deal of fraud and that would be really great in that it would free up monies for fellowships and the like. </p>
<p>I thought they already did that! I assumed that as FAFSA and IRS were both federal they already communicated and everything had to match and if it didn’t red flags would be popping up. In fact I have told people that frequently. Silly me - we are talking about government here after all :rolleyes: .</p>
<p>I have long been advocating for someone to MERGE Turbotax and the FAFSA. So far, to my knowledge, that has not happened. Schools can and do verify that what you PUT on your tax returns is also what you PUT on your finaid forms. But to my knowledge, this is not yet electronically done.</p>
<p>Mildred, financial aid for graduate school is VERY different that financial aid for undergraduate school. First, there are no federal grants (like the Pell) for grad students. Second, most school based finaid comes in the form of assistantships or fellowships that are based on merit. AND lastly, there is the expectation that grad students can take the full tuition cost (minus any merit aid received) in the Stafford Loan. </p>
<p>Graduate schools are not “meet full need” like undergrad schools. If your EFC is 0 (that’s zero), it does NOT mean that the grad school will award you full aid. Grad school finaid just doesn’t work that way.</p>
<p>Thanks Swimcatsmom…I was wondering if I MISSED something. Anyway…back to my appeal…merge the tax prep software with the FAFSA. It’s a money maker!!!</p>
<p>So thumper - have you contacted turbo tax and told them? Sounds like a win win - They could make a whole new upgrade for us to pay extra for that spits out everything for us and We get a little less stress. Tell 'em you want a cut :)</p>
<p>Thumper1 needs to make a presentation to the Turbo Tax folks ASAP. </p>
<p>Well</p>
<p>I was hoping that there would one day be a match of all of this, because I have rather high grades and have kept my full academic scholarship for quite a while now. But, I have noticed only a wee bit of funding (for grad school) being offered to someone of my academic background over where I live in Tennessee. Next week, I am speaking to someone at my University about how I should best go about broadening my grad school list and the like. </p>
<p>Oh well. </p>
<p>Seriously, though…thumper1…make that presentation and get everything copywrited or something. That would mean big bucks for you and your family, I reckon!</p>
<p>You might not make anything off of it … but if it ever happened, you’d have the unending gratitude of thousands of parents! :)</p>
<p>As an aside: I can’t help but chuckle when I read threads asking questions about how to report various amounts from the tax forms. For pete’s sake, the LINE # is right there!!! It’s hard enough to fill it out when you follow the directions. Why make it any harder on yourself?!</p>
<p>All of the tax forms GIVE you the numbers you need for the FAFSA…I want them to merge the documents so that you don’t have to fill in anything on the FAFSA that is ON the tax form (including name, address, SS#, income, taxes, number in household, etc). If they ever get back to me, I’m also going to suggest some way for estimates to be done using the previous year’s taxes and that would also be a help…as the line numbers on the 1040 forms vary ever so slightly from year to year.</p>
<p>How about telling them to include a method for figuring out the taxable part of scholarships/grants, qualified education expenses for 529s etc. I had to do a spread sheet to figure out my daughters taxable scholarships and what we could take out from my sons 529 account and still have the hope tax credit.</p>
<p>Good ideas Swimcats. I like the tax prep software because it does give you suggestions as you go along for deductions, etc. Perhaps your tips could be rolled into the FAFSA merge…if it ever happens. There could be worksheets that are question driven. The calculations and options woud then be provided. And yes…I know we can do this all by hand ourselves now…but in my “point and click” world, I would love to point and click.</p>
<p>The differences in IRS publication 970 between what is considered a qualified expenses for 529 withdrawals as opposed to taxable portions of scholarships/grants and again for Hope tax credits etc make my brain spin. Turbotax gives a little explanation but worksheets would be nice. I think I got it all correct.</p>
<p>Interesting link Sue - I wonder how all the other stuff not on your tax return would get on the application though - untaxed benefits, assets etc. Unless the plan is to make financial aid purely income driven - which I think I read somewhere it is for the majority of applicants anyway (though I may have dreamed/imagined that or flat out made it up :rolleyes: )</p>