Question regarding section 4 on FAFSA

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I am completing my FAFSA for my first year of medical school next year. In section 4, student finances, question 37 is not clear. It says, "Enter your (and your spouse's) exemptions from 2006. Exemptions are on IRS Form 1040-line 6d. On the 1040EZ, if a person checked either the "you" or "spouse" box on line 5, use EZ worksheet line E to determine the number of exemptions ($3,300 equals one exemption). If a person didn't check either box on line 5, enter 01 if he or she is single, or 01 if he or she is married."

Now, I am not married and I am classified as a dependent with my parents. I am completing a 1040EZ because I made $5,017 gross income as my line 4 on my 1040EZ. As for that line 5 that the FAFSA is talking about, the you box is obviously checked since I am a dependent. Looking on the back of that 1040 sheet, my maximum standard deduction is $5,150 since I am single.

Now, I am going to assume that I have no exemptions since I am a dependent so I would enter 0 on the form. There is no dollar symbol in the box, so it couldn't be $3300 (The exemption for being single) or $5150 (The maximum standard deduction). So it is either between entering 0 in the box or 01 since I am single. I am assuming 0, since the dependent status means I have no exemptions.

The last thing is on the question 43 and 44 in the same section. I have a certificate of deposit running right now. Should I include that as question 43 (cash, savings, and checking accounts) or question 44 (net worth of investments). My net worth is 0 since I have debt, so I wasn't sure which place my CD should be.

If you understood anything I just said, you are amazing. Thanks for the help. 🙂

 

[alwaysaangel]

I am completing my FAFSA for my first year of medical school next year. In section 4, student finances, question 37 is not clear. It says, "Enter your (and your spouse's) exemptions from 2006. Exemptions are on IRS Form 1040-line 6d. On the 1040EZ, if a person checked either the "you" or "spouse" box on line 5, use EZ worksheet line E to determine the number of exemptions ($3,300 equals one exemption). If a person didn't check either box on line 5, enter 01 if he or she is single, or 01 if he or she is married."

Now, I am not married and I am classified as a dependent with my parents. I am completing a 1040EZ because I made $5,017 gross income as my line 4 on my 1040EZ. As for that line 5 that the FAFSA is talking about, the you box is obviously checked since I am a dependent. Looking on the back of that 1040 sheet, my maximum standard deduction is $5,150 since I am single.

Now, I am going to assume that I have no exemptions since I am a dependent so I would enter 0 on the form. There is no dollar symbol in the box, so it couldn't be $3300 (The exemption for being single) or $5150 (The maximum standard deduction). So it is either between entering 0 in the box or 01 since I am single. I am assuming 0, since the dependent status means I have no exemptions.

The last thing is on the question 43 and 44 in the same section. I have a certificate of deposit running right now. Should I include that as question 43 (cash, savings, and checking accounts) or question 44 (net worth of investments). My net worth is 0 since I have debt, so I wasn't sure which place my CD should be.

If you understood anything I just said, you are amazing. Thanks for the help. 🙂

Enter 0, you have no exemptions (not even yourself) because you are a dependent.

I would put the CD on the cash, savings, and checking accounts since it is a type of savings account.

 

[TMP-SMX]

Enter 0, you have no exemptions (not even yourself) because you are a dependent.

I would put the CD on the cash, savings, and checking accounts since it is a type of savings account.

Thanks. That is what I figured it to be.