What can medical schools look at regarding your income taxes?

[Zuras]

This is a hard question to phrase, but I'm wondering what information medical schools can actually access in regards to your own files and those of others, such as parents/guardians, that may have had you on their returns and whatnot. Is there some place online I could read about it? I don't even know where to start.

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[Zuras]

Bah. Can't call anyone at the IRS outside of tax season. Hmmm. So anyone know any of this?

 

[njbmd]

This is a hard question to phrase, but I'm wondering what information medical schools can actually access in regards to your own files and those of others, such as parents/guardians, that may have had you on their returns and whatnot. Is there some place online I could read about it? I don't even know where to start.

Hi there,
Medical schools cannot access your Income Tax returns unless you send them to the actual medical school. If you apply for need-based financial aid (scholarships), most medical schools will require you to submit your income tax returns and your parent's (both) income tax returns (regardless of your age) to determine if you qualify. Some medical schools have a separate Financial Aid Application that will ask for copies of both your Income Tax forms and your parents (both).

To apply for government supported financial aid i.e. loans, you need to complete the FAFSA form and submit financial aid transcripts from all institutions of higher learning that you attended. If you are older than 24, you can complete the FAFSA as an independent applicant. If not older than 24, your parents (both)information will be included on this form.

Good luck!
njbmd 🙂

 

[Zuras]

Hi there,
Medical schools cannot access your Income Tax returns unless you send them to the actual medical school. If you apply for need-based financial aid (scholarships), most medical schools will require you to submit your income tax returns and your parent's (both) income tax returns (regardless of your age) to determine if you qualify. Some medical schools have a separate Financial Aid Application that will ask for copies of both your Income Tax forms and your parents (both).

First, thanks a lot for the response.

I'm mostly wondering about stuff, for now, that is related to applying disadvantaged or filing for FAP and things of that nature. Any idea if you need to file parental income taxes for those things? Also, do you have any idea about how many years back they delve into the income taxes(regarding medical schools when filing for need-based financial aid)?

I have a really strange situation. I allowed my father to claim me as dependent several years back, and he knew I hadn't filed a return in the last 3 years that I've been in college, and he just kept me as dependent to save money. Now I'm wondering what kind of ramifications this will have.

 

[Zuras]

Hmm.

 

[deuist]

Some state schools will ask for your income tax forms to determine your residency.

 

[cuillezVJ]

what about if you're married (but not over 25)? Do they still take your parents' tax info? what about your spouse's?

 

[deuist]

what about if you're married (but not over 25)? Do they still take your parents' tax info? what about your spouse's?

Everything is done on a school-to-school basis. Usually marriage grants you status as an independent. The universities may ask for your spouse's information to see if you filed your taxes jointly or if you are both in-state residents.

 

[Doctor Bagel]

one correction on the fafsa information -- if you're applying for financial aid for graduate school, you do not have to give your parents' income information regardless of your age. individual schools will likely ask for it for their aid programs (which is ridiculous, i think, because lots of parents are still unwilling to support their grad student children). seriously, when i was in law school, my income was always something like zero -- my parents made good salaries, and i never had to disclose that on the fafsa because all grad students are considered independent.

 

[Emergency!]

I have a really strange situation. I allowed my father to claim me as dependent several years back, and he knew I hadn't filed a return in the last 3 years that I've been in college, and he just kept me as dependent to save money. Now I'm wondering what kind of ramifications this will have.

I would consult a tax professional. I would worry less about the ramifications it will have for medical school than the ramifications it might have with the IRS. I originally submitted my father's info this year on the chance I MIGHT qualify for need based aid. I revised my FAFSA to delete it when he didn't file his taxes (for the third consecutive year) because I thought I would have to submit copies of his tax forms for verification. The FA office at my school actually put his info back in and said that chances were good they wouldn't ask for his tax forms.

To file the FAFSA you will not have to submit IRS returns (nor do they report that info to the IRS, I don't think). However, a LOT of schools will require you to submit copies of your tax returns before they grant you ANY kind of aid, including federal loans.

To some other questions: For the purposes of financial aid, ALL professional students (law, vet, dental, med, etc) are considered to be independent which means you don't HAVE to submit parental info. You will pretty much be eligible for the full amount of federal loans (currently $38,500 - higher at some schools), even if your parents are millionaires and you include their info on the FAFSA. Edit - it MIGHT reduce the amount of SUBSIDIZED loans you can get if your parents are millionaires.

They require parental info for need based aid (as was explained by several FA officers) because pretty much all med students will have $0 income while in school, so they feel the fairest way to determine need eligibility is parental income, even if you are 50, married and have 10 kids. A crock, I agree, but the way it is

If you are married, you will have to submit your spouse's info. Again, this will be taken into consideration for need based aid, but not really significantly affect your eligibility for federal loans.