Law School Discussion

Foreign earned income

Foreign earned income
« on: January 17, 2009, 07:41:11 AM »
Has anyone had to fill out a FAFSA with foreign earned income?

sheltron5000

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Re: Foreign earned income
« Reply #1 on: February 01, 2009, 02:11:02 AM »
yup it sucks.

make sure you file your taxes correctly so you don't pay on it.

Re: Foreign earned income
« Reply #2 on: February 03, 2009, 03:57:01 AM »
I hope we won't. I think there is a cap of income and if my wife and I file together, we will be over. How did you report it on FAFSA?

sheltron5000

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Re: Foreign earned income
« Reply #3 on: February 03, 2009, 09:49:43 AM »
The cap is something like 60k, I assume it just doubles for joint filers...

I just wrote in how much I earned, then put in 0 for how much I payed in taxes, I think. You do have to kind of puzzle it out, there isn't a special box for it.

HTH, good luck.

Re: Foreign earned income
« Reply #4 on: February 03, 2009, 12:36:12 PM »
Thanks. The thing is I am earning British pounds and when I convert to the dollar, it seems like we are making a lot and don't need loans, but that is not true!

Re: Foreign earned income
« Reply #5 on: February 03, 2009, 12:45:15 PM »
Thanks. Is it just that my wife and I are making income in British pounds and if I convert to dollars, it seems like we are making a lot and I am afraid I won't get a loan!

sheltron5000

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Re: Foreign earned income
« Reply #6 on: February 03, 2009, 03:58:54 PM »
That particular problem, I hadn't considered. You might email FAFSA or the IRS about that, but I think you're just going to have to accept the exchange rate as it is.

I was fortunate, the exchange rate I was in went the opposite way, so it looks like I made a LOT less than I did.

Sorry I can't be much help.