I am going to start medical school next year. I am 23 years old, and a college graduate. I am hoping to claim, for financial aid purposes, that I am an "independent" student, because from what I have heard my award will be better.
Will my ability to do this be affected by my status in filing federal tax forms? I am currently employed full-time, so it would be possible either for me to claim myself for an exemption, or my father to claim me as a dependent. I am hoping to find out which is better, strategically, for applying for financial aid this year.
2007-01-09 14:05:28 · 5 answers · asked by johnpaulgeorge_and_ringo 1 in Education & Reference ➔ Financial Aid
According to the Studentaid website, a student is considered independent if they meet at least one criteria which includes the following:
* Attending a post Bachelor degree program such as a masters, doctorate, or medical school.
* Born before January 1, 1984 for the 2007-2008 school year.
The medical school's financial aid website will have a financial aid web page which could include private scholarships from outside organizations and companies.
I have included some resources to help fund medical school in the form of scholarship sources.
Good luck!
2007-01-09 16:03:20 · answer #1 · answered by dawncs 7 · 0⤊ 0⤋
If you are working on a Master's degree or higher you are independent regardless of how your parents claim you on their taxes, that is an issue with the IRS. This is just the opposite of students under 24 working full time claiming themselves on a tax return but still being required to put their parents information on the FAFSA because they are undergrad students.
Talk to a tax adviser to find out which filing status will work for the tax returns.
2007-01-11 03:30:10 · answer #2 · answered by appylover 4 · 0⤊ 0⤋
I would think it would benefit you to claim yourself. If your father claims you, your aid will be based on his income AND yours. The problem is, if he still supports you...he deserves to claim you. I know it's hard because people can't get a break as far as education grants go nowadays, but your father may NEED that tax break...where as, if you're living at home and he's feeding you and paying the utilities etc... it may not be FUN to pay for school, but it's easier for you to do that, than it is for him to give up the deduction.
2007-01-09 14:09:23 · answer #3 · answered by Lisa E 6 · 1⤊ 0⤋
it doesn't be counted in the experience that they declare you or no longer, monetary help dependency is different from for taxes. if you're below 24, you're considered depending irregardless of your father and mom claiming you. if you're over 24 or meet particular criteria, then you definitely are self sufficient.
2016-12-28 14:02:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No. Their income stays on that form until you turn 25years old or get married.
(Trust me as a legally emancipated minor with no parental support from 16 on I looked at every angle possible.)
2007-01-09 14:16:17 · answer #5 · answered by contemplating 5 · 0⤊ 0⤋