1. 2011-2012 Edition Jim Briggs The Tax Detective © 2011 Jim Briggs

2.  What we will cover today ◦ Federal Verification ◦ Federal Conflicting Information rules ◦ Federal Taxes ◦ Ways to resolve conflicts

3.  Title IV requirements: ◦ Review and resolve all conflicting information in the students file ◦ Perform required federal verification ◦ Select additional students for verification as appropriate

15.  < 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

24.  Treated as if divorced or separated  Only use custodial parent data  Consider untaxed income from non-custodial for contributions to student

25.  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

31.  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

49.  Determined on December 31 st each year: ◦ Single ◦ Married filing Jointly ◦ Married filing Separately ◦ Head of Household ◦ Qualifying widow or widower  IRS Publication 17 is a good resource

65. IRS Forms: http://www.irs.gov/app/picklist/list/formsInstructions.html http://www.irs.gov/app/picklist/list/formsInstructions.html IFAP: http://ifap.ed.gov/ifap/http://ifap.ed.gov/ifap/ Military Pay: http://www.dfas.milhttp://www.dfas.mil Real estate value: http://www.zillow.comhttp://www.zillow.com Stocks,bonds,etc: http://finance.yahoo.comhttp://finance.yahoo.com

66. Questions?

67. Thank you Jim Briggs jbriggs@thetaxdetective.com