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Author Topic: Foreign earned income  (Read 1786 times)

lawness

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Foreign earned income
« on: January 17, 2009, 09:41:11 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, 04:11:02 AM »
yup it sucks.

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

I'd love to join this LGBT club.  It's the Legos, Gobots, Barbies, and other Toys group, right?  I'll show up with an armful of toys.

lawness

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Re: Foreign earned income
« Reply #2 on: February 03, 2009, 05:57:01 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, 11:49:43 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.
LSN

I'd love to join this LGBT club.  It's the Legos, Gobots, Barbies, and other Toys group, right?  I'll show up with an armful of toys.

lawness

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Re: Foreign earned income
« Reply #4 on: February 03, 2009, 02:36:12 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!

lawness

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Re: Foreign earned income
« Reply #5 on: February 03, 2009, 02:45:15 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, 05:58:54 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.
LSN

I'd love to join this LGBT club.  It's the Legos, Gobots, Barbies, and other Toys group, right?  I'll show up with an armful of toys.