Bank Account and efc

[cshell2]

@thumper1

IIRC…

@cshell2 if you are talking about the simplified needs test (where no assets are considered), income needs to be less than $49,999 AND the person needs to qualify for a means tested benefit, or Be a dislocated worker (if independent). You used to be able to file a 1040A or 1040EZ as an option but when the tax law changed, those forms went away…I forget what is in place instead.

My point is…the income threshold is only one of the two prongs for qualifying for the simplified needs test.

The other qualifier is not having to file schedule 1 unless it’s for one of these exceptions:

Capital Gains (line 13 may not be less than 0)
Unemployment compensation (line 19)
Other income to report an Alaska Permanent Fund dividend (line 21 may not be less than 0)
Educator expenses (line 23)
IRA deduction (line 32)
Student loan interest deduction (line 33)

I was just assuming that a student probably just had W2 income, but yeah, if they have their own business or rental property or something like that that required schedule 1 then they would not qualify for simplifed needs.