FAFSA Question- Please Help!

[doctorsareneat]

Hi Guys!

Ok, I just can't figure this out:

"WC4. Student grant and scholarship aid reported to the IRS on line 7 of the 1040 or 1040A or line 1 of the 1040EZ as part of the student's (or student's spouse's) adjusted gross income. Includes AmeriCorps benefits (awards, living allowances, and interest accrual payments), as well as grant or scholarship portions of fellowships and assistantships"

Ok, on my tax tuition forms, my tuition is listed as X and my scholarship money is listed as Y. Since Y is greater than X, do I subtract X from Y and put that in this box? Or since the scholarship is not part of a fellowship, grant, or Americorp, is the number 0?

I've been trying to 'chat live' with fafsa people, but no luck.

I would really appreciate it if someone knew the answer to this and could help me out a little.

Thanks!

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[alwaysaangel]

Hi Guys!

Ok, I just can't figure this out:

"WC4. Student grant and scholarship aid reported to the IRS on line 7 of the 1040 or 1040A or line 1 of the 1040EZ as part of the student's (or student's spouse's) adjusted gross income. Includes AmeriCorps benefits (awards, living allowances, and interest accrual payments), as well as grant or scholarship portions of fellowships and assistantships"

Ok, on my tax tuition forms, my tuition is listed as X and my scholarship money is listed as Y. Since Y is greater than X, do I subtract X from Y and put that in this box? Or since the scholarship is not part of a fellowship, grant, or Americorp, is the number 0?

I've been trying to 'chat live' with fafsa people, but no luck.

I would really appreciate it if someone knew the answer to this and could help me out a little.

Thanks!

My understanding is that adjusted gross income is anything taxable. For me, all of my grants went straight to paying tuition (and weren't very much) so they were not taxable.

Therefore the number was 0.

I'm gonna guess its the same for you too. Unless you're including it on your tax form as part of your gross income don't include it. If you are including it in your gross income, then I don't know what to do...

 

[doctorsareneat]

thanks.

yeah I'm just not sure if i include it as gross income or not. It went to a meal plan for school actually, but not tuition. hmmm...

 

[LIRRfriend]

Hi Guys!

Ok, I just can't figure this out:

"WC4. Student grant and scholarship aid reported to the IRS on line 7 of the 1040 or 1040A or line 1 of the 1040EZ as part of the student's (or student's spouse's) adjusted gross income. Includes AmeriCorps benefits (awards, living allowances, and interest accrual payments), as well as grant or scholarship portions of fellowships and assistantships"

Ok, on my tax tuition forms, my tuition is listed as X and my scholarship money is listed as Y. Since Y is greater than X, do I subtract X from Y and put that in this box? Or since the scholarship is not part of a fellowship, grant, or Americorp, is the number 0?

I've been trying to 'chat live' with fafsa people, but no luck.

I would really appreciate it if someone knew the answer to this and could help me out a little.

Thanks!

I've gotten a lot fin aid in the past and have been told by my undergrad that any grant money that I get that does not go towards tuition and books (must have receipts for the books) is taxable. So say tuition is $20,000 and they give you $22,000 in grants. You have $2000 of taxable income. Any grant money given to you that goes above tuition and books is taxable even if you use this money for room and board. It seems to me that you should enter the value of Y-X.