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Tip of the Week |
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February 14, 2018 |
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To be or not to be a dependent |
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It is a conundrum for many students and families – why a dependent on a tax return is not the same thing as a dependent student for financial aid. It is understandable why it is confusing. Filing the FAFSA and income taxes are linked, and it is easy for someone who is not dealing with it every day (and even for those of us who are!) to get it confused.
Financial aid professionals have an understanding of the dependency issue on the FAFSA. Claiming dependents on taxes can get complicated though. The IRS has issued the following key points to keep in mind on exemptions and dependents on tax returns.
Taxpayers can get questions about claiming dependents answered by using the Interactive Tax Assistant tool on IRS.gov. The ITA called Whom May I Claim as a Dependent will help taxpayers determine if they can claim someone on their return. Mapping Your Future provides this information as a service. Mapping Your Future recommends contacting a qualified tax advisor for assistance or visit irs.gov for more information. | ||||||||||||||||
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