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  • asl1174
  • Adventurer

    • 60

    • April 05, 2012, 09:48:45 pm
    • Haenam, South Korea
FAFSA and Adjusted Gross Income
« on: July 22, 2014, 09:44:50 am »
I am filling out the FAFSA and I wan't sure what would be the correct amount to put in the Adjusted Gross Income slot.  Would it be my wages from Korea or would it be 0 since none of it was technically taxable by the U.S.


  • weirdgirlinkorea
  • Moderator - LVL 2

    • 2044

    • September 09, 2010, 06:00:18 pm
    • Seoul
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Re: FAFSA and Adjusted Gross Income
« Reply #1 on: July 22, 2014, 09:46:25 am »
I put zero and that's what you should do. I've been doing it for two semesters now.
Ignoranţa este adesea o boală fatal şi cretin nu poate fi vindecata.


  • asl1174
  • Adventurer

    • 60

    • April 05, 2012, 09:48:45 pm
    • Haenam, South Korea
Re: FAFSA and Adjusted Gross Income
« Reply #2 on: July 22, 2014, 10:52:45 am »
Thanks!


  • asl1174
  • Adventurer

    • 60

    • April 05, 2012, 09:48:45 pm
    • Haenam, South Korea
Re: FAFSA and Adjusted Gross Income
« Reply #3 on: July 22, 2014, 10:56:46 am »
Sorry one more question, do you select foreign tax return or 1040?


  • gtrain83
  • Hero of Waygookistan

    • 1755

    • August 27, 2011, 10:26:20 am
Re: FAFSA and Adjusted Gross Income
« Reply #4 on: July 22, 2014, 11:05:16 am »
Don't you have a numerical value for the agi on your tax return? I know it is tax free but I thought I remember there being a number. (not 0)


  • weirdgirlinkorea
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Re: FAFSA and Adjusted Gross Income
« Reply #5 on: July 22, 2014, 11:17:44 am »
Don't you have a numerical value for the agi on your tax return? I know it is tax free but I thought I remember there being a number. (not 0)

gtrain: But this person is asking about the FAFSA, not tax returns.

asl1174: If you have not filed a tax return (and you're not required to anyway), then you can just put I will not file, instead of choosing a form, however if you did file a tax form for the year in question, well that's another ball of wax.
Ignoranţa este adesea o boală fatal şi cretin nu poate fi vindecata.


  • gtrain83
  • Hero of Waygookistan

    • 1755

    • August 27, 2011, 10:26:20 am
Re: FAFSA and Adjusted Gross Income
« Reply #6 on: July 22, 2014, 11:42:47 am »
I know the question. My point was why would you put 0 on the FAFSA if you have a number on AGI? I am asking cause I will probably be filling this out soon enough. I will have to check when I get home but I can't remember if AGI was actually 0 or if it was a big number that just didn't get taxed.


  • asl1174
  • Adventurer

    • 60

    • April 05, 2012, 09:48:45 pm
    • Haenam, South Korea
Re: FAFSA and Adjusted Gross Income
« Reply #7 on: July 22, 2014, 11:46:32 am »
I have filed, haven't gotten it back yet.  I just wasn't sure if the FAFSA would count that income or not.  I filled out a 1040 with the 2555.


  • weirdgirlinkorea
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Re: FAFSA and Adjusted Gross Income
« Reply #8 on: July 22, 2014, 11:51:05 am »
I have filed, haven't gotten it back yet.  I just wasn't sure if the FAFSA would count that income or not.  I filled out a 1040 with the 2555.

Ah ok, then that is a different ball of wax. While I am here in Korea, I don't even bother to file taxes. So I just put 0, but yeah if you filed and have a number in your AGI, then you have to report because the dept of Ed cross checks (maybe not right away, but they do).
Ignoranţa este adesea o boală fatal şi cretin nu poate fi vindecata.


  • weirdgirlinkorea
  • Moderator - LVL 2

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    • September 09, 2010, 06:00:18 pm
    • Seoul
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Re: FAFSA and Adjusted Gross Income
« Reply #9 on: July 22, 2014, 11:54:02 am »
Yeah, that's a little different if you did file.
Curious though, why would anyone file a 0 AGI tax form, if a person has nothing to report, why bother? As far as for me for my Korean income, I just don't care enough about whatever benefits I might get from filing, to actually file. I hate the IRS with a deep seated passion.


I know the question. My point was why would you put 0 on the FAFSA if you have a number on AGI? I am asking cause I will probably be filling this out soon enough. I will have to check when I get home but I can't remember if AGI was actually 0 or if it was a big number that just didn't get taxed.
Ignoranţa este adesea o boală fatal şi cretin nu poate fi vindecata.


  • asl1174
  • Adventurer

    • 60

    • April 05, 2012, 09:48:45 pm
    • Haenam, South Korea
Re: FAFSA and Adjusted Gross Income
« Reply #10 on: July 22, 2014, 12:00:04 pm »
I don't like them either, but I didn't want to run into any headaches with them after coming home.


  • weirdgirlinkorea
  • Moderator - LVL 2

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    • September 09, 2010, 06:00:18 pm
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Re: FAFSA and Adjusted Gross Income
« Reply #11 on: July 22, 2014, 01:15:14 pm »
Why would you run into any headaches? I didn't file for two years and went back for a year and never filed, no problems. I am just curious. I basically went home for a year and one month and worked but barely made anything, so I wasn't required to file and so essentially, I haven't filed a tax return in 4 years, I believe.

I don't like them either, but I didn't want to run into any headaches with them after coming home.
Ignoranţa este adesea o boală fatal şi cretin nu poate fi vindecata.


Re: FAFSA and Adjusted Gross Income
« Reply #12 on: July 22, 2014, 03:16:48 pm »
Why would you run into any headaches? I didn't file for two years and went back for a year and never filed, no problems. I am just curious. I basically went home for a year and one month and worked but barely made anything, so I wasn't required to file and so essentially, I haven't filed a tax return in 4 years, I believe.

I don't like them either, but I didn't want to run into any headaches with them after coming home.

even if you are exempt from paying taxes (up to 90,000$), you are still legally obligated to file a tax return every year. if you don't, your butt will still be ok since chances of you being audited is pretty much zero. :)


  • weirdgirlinkorea
  • Moderator - LVL 2

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    • September 09, 2010, 06:00:18 pm
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Re: FAFSA and Adjusted Gross Income
« Reply #13 on: July 22, 2014, 03:30:54 pm »
Well, now we're hijacking this thread but...Actually, you're not legally required to file, if you meet a certain criteria, which having zero reportable income certainly qualifies as.
http://www.irs.gov/Individuals/Do-You-Need-to-File-a-Federal-Income-Tax-Return%3F


To determine if you need to file a Federal Income Tax return for 2013 answer the following questions:
Occasionally, individuals have one-time or infrequent financial transactions that may require them to file a Federal Income Tax return. Do any of the following examples apply to you?
Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?
Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
Were you self-employed with earnings of more than $400.00?
Did you sell your home?
Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA)? You may owe tax if you:
Received an early distribution from a qualified plan
Made excess contributions to your IRA or MSA
Were born before July 1, 1942, and you did not take the minimum required distribution from your qualified retirement plan.
Received a distribution in the excess of $160,000 from a qualified retirement plan.
Will you owe social security and Medicare tax on tips you did not report to your employer?
Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer?
Will you be subject to Alternative Minimum Tax (AMT)? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.)
Will you owe recapture tax?
Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes?

Why would you run into any headaches? I didn't file for two years and went back for a year and never filed, no problems. I am just curious. I basically went home for a year and one month and worked but barely made anything, so I wasn't required to file and so essentially, I haven't filed a tax return in 4 years, I believe.

I don't like them either, but I didn't want to run into any headaches with them after coming home.

even if you are exempt from paying taxes (up to 90,000$), you are still legally obligated to file a tax return every year. if you don't, your butt will still be ok since chances of you being audited is pretty much zero. :)
Ignoranţa este adesea o boală fatal şi cretin nu poate fi vindecata.