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Thread: Does this make any sense?

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    Featured Member lolagetz's Avatar
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    Exclamation Does this make any sense?

    After a LONG vacation, I went back to dancing in April of this year. I took all of July and August off, and I've only been working 3 days a week, so I haven't been making a huge amount, but every night when I get home, I count my money, write it down in a notebook, and put away 30% of it for taxes. Everything seems to be going fine, right?

    The thing is that in addition to my scholarship, I have a rather sizable grant that I get for school. They pay my tuition and then deposit about another $2800 into my checking account every quarter. When I filled out the FAFSA for this year in February, though, I didn't plan on going back to dancing. The FAFSA just asked for the income amount from the previous year (which was a couple thousand from when I worked retail, so I just wrote down what was on my W-2 from that). So they processed that and gave me lots of money... I filled all the questions out accurately at the time, but then I went back to dancing... This is my last year in college (undergrad anyway), so I won't be applying for FAFSA for next year.

    And another thing, I haven't sent in any estimated quarterlies. I only worked for April-May-June, then September and October so far... It kind of slipped my mind, and when I remembered, I thought it was so late in the year, I might as well just wait until January and do it all at once.. I have plenty of money to pay the taxes, but I just didn't send in any quarterlies..

    I sort of have the feeling I'm doing something wrong here. Was I supposed to edit the FAFSA at some point? The FAFSA doesn't ask anything about the current year's income, only the previous year. And my dad claimed me as a dependent on his taxes last year, because I had only a couple thousand from retail I'd earned, and so I didn't file. I'm kind of worried... I'm trying to do everything right, but I wasn't sure when or if I was going to go back to dancing, and if I was going to be doing anything more than a 1 night a week/ 1 night a month thing.. Ergh.. Does this make sense, am I doing anything wrong?

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    God/dess VenusGoddess's Avatar
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    Default Re: Does this make any sense?

    It's been a long, long time since I've dealt with FAFSA, but I am almost positive it states that if there is any change in your financial status, you need to report it. They are assuming that the money you made last year is what you will be making this year. If you have any income change (for better or worse) you are supposed to let them know.

    Hopefully someone with more current experience will chime in here. Otherwise, you can go to the FAFSA website and see if they mention anything about it.

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    Banned Melonie's Avatar
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    Default Re: Does this make any sense?

    I am almost positive it states that if there is any change in your financial status, you need to report it. They are assuming that the money you made last year is what you will be making this year. If you have any income change (for better or worse) you are supposed to let them know.
    This is true. Also, whatever you do or do not report to FAFSA / Sallie Mae had better jive with whatever you report to the IRS on your tax return ... otherwise an audit is virtually guaranteed.

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    Featured Member lolagetz's Avatar
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    Default Re: Does this make any sense?

    Damn... I'd better get my ass over to that FAFSA website.. Urgh.. thanks girls..

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    Featured Member lolagetz's Avatar
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    Default Re: Does this make any sense?

    WTF...? I just called the FAFSA people and they were like, "It doesn't matter how much you're making this year, all that matters is what you made last year." Weird. So I was like, "Are you SURE you don't need to edit anything, since I only made like $2000 last year and I'll have made like $20000 this year?" and she said, "Nope, you're fine, you don't need to do anything, the IRS won't audit you." I guess that's good.. I'm still worried.. hm...

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    Banned Melonie's Avatar
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    Default Re: Does this make any sense?

    it makes sense in regard to the last sememster's grants. However it won't make sense in regard to future semester's grants

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