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So I'm being a FAFSA gunner and getting it done early while I am thinking about it. But compared to last year, I am having trouble figuring out what to do when reporting income. I am going into my 3rd year of medical school this coming Summer.
Last June, my finance and I attended a special engaged couples taping of The Price is Right. Far from my wildest dreams, we got called down to play together, and ended up winning prizes valuing just north of $50,000. I'm not joking, search "my price was right loma linda" on YouTube and you'll see a video! Anyways, later in August we got married, and now it's bringing up questions on the FAFSA.
I know the winnings are taxable income, but do I need to report this on FAFSA? From a legal standpoint, the winnings are legally my wife's possession and her income, but there is a box asking for my spouse and my adjusted gross income; must I include our winnings in that calculation? Even though she claimed received income before we were married? How do I go about calculating the adjusted gross income?
And on top of that, do I need to report her full income for 2012, even though we just got married in August? There seems to be a box for it, but I'm confused why I need to state her full 2012 income, even though we just got married in August. My wife makes income, but hardly enough to support my educational expenses.
So am I going to be seeing a huge reduction in loans this year, based on our prize winnings and income? Will I still be able to pay tuition when my cost of attendance is around $65,000 for a year? Any input would be appreciated, thanks!
Last June, my finance and I attended a special engaged couples taping of The Price is Right. Far from my wildest dreams, we got called down to play together, and ended up winning prizes valuing just north of $50,000. I'm not joking, search "my price was right loma linda" on YouTube and you'll see a video! Anyways, later in August we got married, and now it's bringing up questions on the FAFSA.
I know the winnings are taxable income, but do I need to report this on FAFSA? From a legal standpoint, the winnings are legally my wife's possession and her income, but there is a box asking for my spouse and my adjusted gross income; must I include our winnings in that calculation? Even though she claimed received income before we were married? How do I go about calculating the adjusted gross income?
And on top of that, do I need to report her full income for 2012, even though we just got married in August? There seems to be a box for it, but I'm confused why I need to state her full 2012 income, even though we just got married in August. My wife makes income, but hardly enough to support my educational expenses.
So am I going to be seeing a huge reduction in loans this year, based on our prize winnings and income? Will I still be able to pay tuition when my cost of attendance is around $65,000 for a year? Any input would be appreciated, thanks!
