Monday, November 7, 2011
FAFSA ? If my son chooses 'off-campus' this year and is 'my tax dependent from 08', what happens next year?
My son wants to get a place 'off-campus'. He just turned 18 and we claimed him as a dependant on our 08 taxes. We don't even know his score yet, but we have very low income and, 6 depentants, so I am pretty sure he will get the max, if not pretty darn close. But my question is what about next year, when he does live on his own and has to file his 'own taxes' and will not be a dependant on our taxes with all of our exemptions. Plus I see on this FAFSA form that whatever he does get this year, he will have to claim that next year. What happends when a dependant whose family has little to no income and a few younger siblings, giving the soon to be college freshman and choosing 'Off-Campus', a better score on his FAFSA in the 1st year - then next year, when he does live 'Off-Campus', he ?can't" be claimed as a dependant on our taxes anymore, then will that hurt his FAFSA for next year.
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