[Oasfaa] Eligible to File 1040A/EZ? Chart Available

[Mc Conahay, Pamela K.]

Each year, I prepare a chart to help financial aid administrators determine if a person who filed a 1040 was actually eligible to file a 1040A or 1040EZ.  The purpose of the chart is to help you and your applicants accurately answer Questions 34 and 72 on the FAFSA.

I've prepared the chart for use with 2007 tax returns and it is available in PDF format on the Oklahoma Association of Student Financial Aid Administrators (OASFAA) website at http://oasfaa.ou.edu/forms_bank.cfm .

 A couple of reminders:

a)   THIS CHART DOES NOT DETERMINE WHO IS ELIGIBLE FOR THE SIMPLIFIED
NEEDS TEST.  It simply helps you determine ONE eligibility factor, whether the person was eligible to file a 1040A or EZ.  If you want more info about the Simplified Needs Test or the Automatic Zero EFC criteria, see pages 4-6 of "The EFC Formula, 2008-2009".

b)  The AGI limit for filing a 1040A or EZ is $100,000.  This does NOT change the ED requirement that the AGI be no more than $50,000 to qualify for the Simplified Needs Test.

A few new things for the 2007 chart:

a)  Line 44  If tax is from Form 8814 (Parent's Election to Report Child's Interest and Dividends), Form 4972 (Tax on Lump Sum Distributions) or Form 8889 (Health Savings Account) , the filer is required to file a form 1040.  Remember to watch the check boxes.

b)  Line 71 Refundable credit for prior year minimum tax from Form 8801, line 27.  If this line has an amount, the filer is required to file a form 1040.

I hope this chart makes your life a little easier.  Use it in good health.

Pam McConahay
Associate Director, University of Oklahoma Financial Aid Services
1000 Asp Ave, Room 216, Norman, OK 73019-4078
(405) 325-4617, Fax (405) 325-7608
pmcconahay at ou.edu<mailto:pmcconahay at ou.edu>


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