I’m just trying to plan ahead here.
DD has NO…read that $0 income for 2016. She will need to file a fafsa for 2018-2019. To be honest it’s a lot easier to file taxes than to do a non-filers statement.
So…can one file a federal income tax form…with NO income? I’m guessing she would just do a quick 1040EZ if that is a possibility.
She has no interest income from a savings account? No $20 she made babysitting? It really is a lot easier to just file.
Her interest income is not even $10. What would be the minimum she would need to earn to file?
She did do some babysitting… it how would she indicate this? No 1099 or anything.
Schedule C
So she would have to do a regular 1040 with a schedule C?
Or could she do a 1040A? Can you do,that with a schedule C?
That’s doable!
I don’t think there is a minimum for interest income. The bank doesn’t send a 1099 unless it is $10, but you could still claim it. Try it and see if it allows you to put in $5 of interest income on a 1040EZ.
Good idea! I think interest income was in the $2 range. She doesn’t have much money!
Are you sure this is worth it? As far as I understand: The IRS nonfiling certificate only applies to FAFSA’s selected for verification, not everybody. You may miss this requirement completely. We had to do a nonfiling form for CSS/IDOC: But all we had to was fill out a form, sign and add picture of it to the IDOC. It didn’t have to go through the IRS, the college just took our word for it.
If you have to do the IRS one, the main thing is that it takes a bit of time to process. So, fill out the silly form while you’re doing your college apps and mail it in. Have the certification sent to you instead of the colleges you’re applying to, and you’ll have a copy just in case. It’s not a very long form: Main parts are the social and the year you want a certificate of nonfiling for. There’s a bunch of bureaucratic mumbo-jumbo on the form (since the same form also requests a tax transcript), but there really isn’t much to it.
This is for a professional school student…not an incoming freshman.
Our understanding is that it’s MUCH easier to link the fafsa to a tax return than to do the non-filers statement.
But if she can’t file a tax return…she will do the non-filers statement…in October…which is when she will do the 2018-2019 fafsa.
She will have a teeny amount of income in 2017…so the 2019-2020 one won’t be a problem.
Yes, it’s definitely easier to link the FAFSA to the IRS than deal with the certificate of nonfiling. No argument there. My points were that not everyone who didn’t link is selected for IRS verification and, if selected, the hoops are slow/bureaucratic but really not that onerous.
However, yes, my experience is with undergrad FAFSAs, not professional schools. I have no idea if she’s more likely to be verified as a graduate level student.
Truthfully…no one at her school has any income. No time to work…none.