<p>Son had a summer job and federal tax was withheld. At his income level, he is not required to file a tax return, but he would like recover that minimal fed. tax amount. If he choses to file, I believe he must use a 1040 because he had a small amount of untaxed (municipal bond) income. Can there be a downside for financial aid if a student choses to file 1040?
(E.g.something similar to the reason that parents skip itemizing or claiming state tax refund so they don’t have to file a 1040)</p>
<p>My daughter had to file a 1040 last year and it did not make her ineligible for the automatic 0 EFC. It would have if we (parents) had had to file a 1040. Interest income can be reported on a 1040A though (I am guessing municipal bond interest is treated the same as other interest and dividends - I am not 100% sure).</p>