If you have students in college, don’t forget to get the tax deductions or credits you’re eligible for. This New York Times article details the available tax breaks and qualifications. Best of all, it’s written in plan English, not IRS-speak.
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Tax Credits and Deductions
Divorce is one of the biggest question areas with the FAFSA. This may be because the FAFSA presents it so simply: it just asks the parents’ marital status; if “Divorced or separated” is chosen, it asks which parent’s information is going to be used. You have to read the fine print to figure out whose info the Department of Education thinks should…
This is one of those things that seems fairly straightforward but has a definite peeling the onion feel to it. What is Income for purpose of the FAFSA? First, you’ll need 2 documents to complete the income section:
The PATH Act of 2015, aka the budget deal signed last week, included a bonus for families of college students: computers, software and peripherals are now Qualified Higher Education Expenses eligible for purchase via 529 plan funds. Previously computers had to be required by the school in order to be eligible. (One could of course argue
The FAFSA 4caster is a good tool for estimating your EFC but it’s important to understand its limitations. The big one is this: it only asks for one piece of your income, your AGI. The FAFSA itself requires you to add back some big ticket items that are not included in your AGI.