Also since your QEE was higher than the scholarships, did your parents claim AOTC for you (and your sister) in 2017?
Yes, my timing comment was aimed at deciding to amend a 2017 return at this late time, when it is almost time to file a 2018 return, and will delay the FAFSA filing and aid awarding process.
A change in parent income on the FAFSA of $1,000 nets maybe a $300 change in EFC. Do your parents think this is all worth it if they will pay $1,600 more in taxes?
Now if they were eligible to claim $1,600 in AOTC (times two?) and didn’t, then that would be worth it.
The simplified method only disregards assets of parent and student. Not cause a $0 EFC.
You can go to Collegeboard EFC calculator and run the EFC (federal methodology) both ways, and see for yourself.
Although it is based on 2019/20 EFC formula now, you can still see that change of EFC from $0 to $1,000 tax paid.
The college reported on the 1098T what was billed in 2017 and scholarships received in 2017. So the end result for 2017 might be no taxable scholarahips based on the 1098T form.
But it might be that they reported two semesters of billed tuition, and only one semester of scholarships.
So most likely you will have taxable scholarships to report for 2018.
I am confused because you said that 2017 is the year you started college, and then you said you and your sister both were freshmen in 2018/19 and sophomores in 2019/20.
The reason I asked about your sister is because with two in college the FAFSA EFC is halved. If one of you finished college a year earlier, the other one’s EFC would double.