Author Topic: Tax Portion under FAFSA  (Read 1787 times)

J12345

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Tax Portion under FAFSA
« on: May 28, 2017, 05:12:11 PM »
Hi Guys!

So it's due-time I decided to go back to school, to build onto my skills and spice up my resume. I'm currently filling out my FAFSA and it asks for exemptions for 2015. I have one dependent, however my tax preparer insisted I add 2 dependents; one for my dependent and another for myself. He said it's a "personal exemption" Now, as I'm not tax savvy at all, and was curious if this is even possible? How can I tell if I'm qualified for a personal exemption? My initial knowledge on this topic was that you can't claim yourself on your tax return whatsoever. I thought I'd ask here as I want to submit my student aid as accurately possible.

Thanks everyone!

secondcor521

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Re: Tax Portion under FAFSA
« Reply #1 on: May 29, 2017, 12:03:29 AM »
Personal exemptions is a tax term.  Roughly speaking, there is one personal exemption per person on a tax return.  For each personal exemption, you can exclude roughly $4,000 of earned income from federal income tax.

Do you have a copy of your 2015 tax return?  If so, just look at the number in the box on line 6d - that is the total number of exemptions you claimed in 2015.

Generally, you can claim one exemption for yourself as long as nobody else (usually your parents) can claim you as a dependent.  And you can claim one exemption for each of your own dependents (usually your children).  You would claim yourself on line 6a and your dependent on line 6c.  If you were married, you could also count a personal exemption for your spouse.

If your situation has changed (for example, if you were a dependent of your parents in 2015 and are not now, or if the dependent you have now was not born yet or was not your dependent in 2015), then you probably want to talk with the financial aid office of the school you're going to about the changes in your situation.  You should still fill out the FAFSA based on your 2015 tax information, but if the financial aid office gets additional information you may get a better aid package.

J12345

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Re: Tax Portion under FAFSA
« Reply #2 on: June 04, 2017, 02:02:19 PM »
Thanks for that detailed response, I'm always humbled by the amount of help strangers are willing to give on such matters!

For clarification, on my 1040a, 6a is checked as a personal exemption for myself, and 6c is checked for my dependent.

So instead of 1, I'm good to put 2 under my exemptions?



sokoloff

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Re: Tax Portion under FAFSA
« Reply #3 on: June 04, 2017, 02:21:17 PM »
Yes. Your 1040, line 6d should say 2.
1040,6d is what the FAFSA instructions tell you to enter.