Have any of you thought about the impact of Federal Education Grants for CtC filers?
It works this way: you are supposed to go to a web site (FAFSA.gov) and declare your income by way of your most recently filed 1040. Based on those numbers, you are assigned an index. The index is received by the school and that translates to a grant amount. The maximum grant amount, I believe, is $10,000 per school year.
So, if you're a CtC filer, you have no taxable income. Depending on what school you're going to, you may be eligible for the maximum federal grant amount.
Also, if you are currently a student but have not graduated, you can "back" claim your FAFSA code with amended returns.
then later...
I went through the FAFSA process and showed them that I didnt earn any income for this year. My FAFSA was flagged, requiring more information which was just my 2007 tax return. I faxed it to them and they processed it correctly. I now get more loans to cover expenses as well as a pell grant that I didnt get before. The way I justify it is that I have payed a lot in unjust taxes over the last ten years and wont be getting it all back. This is a way to get a little back in another way. Otherwise I agree with the practice of not accepting handouts from the government and will be practicing that in the future.
It works this way: you are supposed to go to a web site (FAFSA.gov) and declare your income by way of your most recently filed 1040.
He seems to have overlooked Question 38: "How much did you earn from working in 2007?" If he answers that question truthfully (even to a diehard Losthead, the answer is not $0.00), the folks processing his application will no doubt wonder why none of those earnings are on the return he filed.
"Here is a fundamental question to ask yourself- what is the goal of the income tax scam? I think it is a means to extract wealth from the masses and give it to a parasite class." Skankbeat
Demosthenes wrote:Why dabble in lowly tax misdemeanors when you can graduate to big time felonies with a big time prison sentences?
Wow, I had no idea it was a felony for that. I know a girl who was a total bitch in college that cheated on hers. If anyone has contact info for reporting that sort of thing please PM me.
"Pride cometh before thy fall."
--Dantonio 11:03:07
Grixit wrote:Hey Diller: forget terms like "wages", "income", "derived from", "received", etc. If you did something, and got paid for it, you owe tax.