What line is the 24000 amount on? Adjusted Gross Income or Taxable income?
How much of the Social Security was non-taxable?
You see with “taxable income” of $24k, it may have been much higher if you include non taxed social security and add back paper depreciation deductions on the rentals, personal exemptions and standard deduction.
@Madison85 If you have enough money in a bank account that is liquid assests that is understandable. But when, we have assests that my parents have to live off of, thats a different story. It’s on the income line.
If my parents had 300,000 in the bank account, I would not worry, and they would pay for my college education. However, they are both retired and get very little from their social security.
@Madison85 they will not begin to receive ss until this December and next march. My mother’s is around 500 and my dad’s is around 700.
@em1998 first…are your parents working until,they start collecting not social security? You are making it sound like they will have no income until they start to collect SS.
And I’m usually not a spelling nanny here…but its assets…not assests
At this point, you have som college options. Just make sure you file yoir financial aid application forms very very punctually…do not delay.
If your family has rental properties, I don’t think they can file losses for them on a 1040A or 1040 EZ form.
Do you qualify for free or reduced lunch or SNAP benefits? If so, apply for and get those…now. For FAFSA purposes, this could help you qualify for the simplified needs test…incime below a certain threshold, and means rated benefit receipt would mean your assets would not count at all for FAFSA purposes.
BC and NEU are both Profile Schools…and there is no simplified needs test for the Profile.
But you could be eligible for a portion of the Pell Grant if you qualify via the FAFSA EFC.
@thumper1 after they sold the business, my mom has work basically little to none, she did not work this year at all. y dad worked a little around 6k.