Does this affect his ability to get a Pell grant or other college assistance? I am not sure where to go from here. He graduated from HS last year at 19 yrs old and now works full time at Walmart. I am not sure whether to claim him on my taxes or not.I have been a single mom of 2 for 20 years. I am a RN and he could not support himself without my help. Will my income count on his college loan moneys etc..? .We live in rural america equivalent to being in the mts of Appalachia. Jr.College is 30 mi away. we have never gotten chld support to amount to anytning.
2006-07-22 18:04:05 · 4 answers · asked by happydawg 6 in Business & Finance ➔ Personal Finance
I make about $55,000. a year.
2006-07-22 18:11:48 · update #1
thanks, I am not evil or deceptive, just basically dont know what to do. I am very proud of my accomplishments, drug us off welfare and got into a career after a terrible divorce. Yes, very proud!
2006-07-22 18:19:23 · update #2
Yes, it will affect his ability and/or amount of a Pell grant or any other financial aid. If you claim him as a dependent on your taxes - or if anyone else does - your income (or the person claiming him as a dependent) is considered when applying for grants or financial aid. In most cases, they request copies of income tax returns for up to the last 3 years. They request that any other sources of income - child support, gifts from grandparents, etc - be disclosed as well. Pell grants are determined based on a "family contribution" which is what they expect you can contribute to your son's education based on your particular financial circumstances.
2006-07-22 18:20:55 · answer #1 · answered by padishah_dee 1 · 3⤊ 0⤋
Until he is 25 or married he is still considered a dependent so as far as the pell grant and loans, it won't change a thing. What I suggest is if you are helping support him...answer truthfully. When you tell the truth you have nothing to hide or fear. The other thing is, it would be bad to say no you weren't claiming him and then forget and claim him. Most likely it will benefit both of you to have him claimed but you can always buy turbo tax and figure it out both ways. You may find it doesn't affect you much but it will help him get more money back or whatever. I have done the pell grant thing many times. I never qualified when I was not married because my parents both worked and I worked and we made too much...however, once I got married I have always qualified for the pell grant. Hope this info helps.
2006-07-23 01:14:11 · answer #2 · answered by teetee 2 · 0⤊ 0⤋
Your & his dad's income will count for loans, grants are separate issues as are scholarships. If you supply 51% of his income regardless of age you may qualify as able to deduct him as a dependent provided you meet the IRS terms. My ex-wife finally apid support after I sued her. The psychologist said it was good for her to know that the absent parent was contributing to her care even though I needed it not. Her income was a part of teh calculations, regardless as was mine because of her recent high school status. Good luck.
2006-07-23 01:23:45 · answer #3 · answered by hithere2ya 5 · 0⤊ 0⤋
he will most likely be counted as your dependant regardless of his status. since he just left HS not too long ago, he's incapable of suporting himself which is what independant means, no one can claim you. it may affect his chances depending on how much you make per year. if it still low enough then he will be able to qualify.
2006-07-23 01:08:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋