2011-2012 edition jim briggs the tax detective © 2011 jim briggs
TRANSCRIPT
2011-2012 EditionJim Briggs
The Tax Detective© 2011 Jim Briggs
What we will cover today
◦ Federal Verification
◦ Federal Conflicting Information rules
◦ Federal Taxes
◦ Ways to resolve conflicts
Title IV requirements:◦ Review and resolve all conflicting information in
the students file
◦ Perform required federal verification
◦ Select additional students for verification as appropriate
< 24 years of age Required to submit student and parent
financial data If parents divorced or separated:
◦ Financial data of custodial parent Parent student lived with most during 12 months
preceding month in which the FAFSA was filed If tie – then parent who provided more financial
support
Treated as if divorced or separated
Only use custodial parent data
Consider untaxed income from non-custodial for contributions to student
No parental financial data required:◦ To qualify student must meet one of the following:
Have bachelors degree Be married Be a veteran or on active duty Have a dependent other than a spouse:
Provide > 50% of support Be or have been an orphan or ward of court at any
time since 13 years of age Be an emancipated minor in home state Be homeless or at risk of being homeless
If someone is required to file a federal tax return
What the correct filing status should be
That an individual may not be claimed as a dependent by more than one person
Determined on December 31st each year:◦ Single◦ Married filing Jointly◦ Married filing Separately◦ Head of Household◦ Qualifying widow or widower
IRS Publication 17 is a good resource
IRS Forms: http://www.irs.gov/app/picklist/list/formsInstructions.html
IFAP: http://ifap.ed.gov/ifap/Military Pay: http://www.dfas.milReal estate value: http://www.zillow.comStocks,bonds,etc: http://finance.yahoo.com
Questions?
