FAFSA/MESSED UP TAX RETURNS

What is the fafsa? When should I apply for financial aid?

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FAFSA/MESSED UP TAX RETURNS

Postby elizabethann912 » Wed Nov 04, 2009 6:05 pm

so my situation is very messed up and i know i should have taken care of it earlier BUT

so i plan on attending school in the spring 2010 semester, i filed my fafsa and was approved but since i filed exempt on my taxes (without really knowing) will that effect my fafsa going through for school??

i am 19 y/o and never filed out a w-4 so a lady at my place of work helped me but filed me exempt which i did not know! so i didnt file. is it to late to fix it all?
i kno i am going to be screwed for my taxes next year even though i fixed it for this last year but is that going to effect the rocess of me paying for school with the federal pell grant??

some one help please, thanks.

-Liz
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Re: FAFSA/MESSED UP TAX RETURNS

Postby Financial Aid Guru » Fri Nov 06, 2009 3:59 pm

Filing exempt may impact the amount of money you are entitled too because filing exempt allows you to collect more money during each current pay periods, thus, inflating your earnings. With the FAFSA it's all about showing you make less - not more.

That said, it won't effect your FAFSA going through the school at all. That is just a tax designation. But will you get less money for the Pell Grant? That is entirely possible.
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Re: FAFSA/MESSED UP TAX RETURNS

Postby elizabethann912 » Thu Nov 12, 2009 12:57 pm

i was really afraid of that...
but thank you for the response, i have been trying to get answers everywhere. no one will give it the time of day not even different schools.

i know my whole tax situation is going to be messed up but im super nervous about money for school right now mostly i guess.

thanks again!
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