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<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'>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. <o:p></o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'><o:p> </o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'>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 <a
href="http://oasfaa.ou.edu/forms_bank.cfm">http://oasfaa.ou.edu/forms_bank.cfm</a>
. <o:p></o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'><o:p> </o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'> A couple of reminders:<o:p></o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'><o:p> </o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'>a) THIS CHART DOES NOT DETERMINE WHO
IS ELIGIBLE FOR THE SIMPLIFIED<o:p></o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'>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”.
<o:p></o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'><o:p> </o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'>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.<o:p></o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'><o:p> </o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'>A few new things for the 2007 chart:<o:p></o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'><o:p> </o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'>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.
<o:p></o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'><o:p> </o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'>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. <o:p></o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'><o:p> </o:p></span></p>
<p class=MsoNormal style='text-autospace:none'><span style='font-size:10.0pt;
font-family:"Comic Sans MS";color:black'>I hope this chart makes your life a
little easier. Use it in good health. <o:p></o:p></span></p>
<p class=MsoNormal><o:p> </o:p></p>
<p class=MsoNormal><span style='font-size:9.0pt'>Pam McConahay<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:9.0pt'>Associate Director, University
of Oklahoma Financial Aid Services<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:9.0pt'>1000 Asp Ave, Room 216,
Norman, OK 73019-4078<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:9.0pt'>(405) 325-4617, Fax (405)
325-7608 <o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:9.0pt'><a
href="mailto:pmcconahay@ou.edu">pmcconahay@ou.edu</a><o:p></o:p></span></p>
<p class=MsoNormal><o:p> </o:p></p>
<p class=MsoNormal><o:p> </o:p></p>
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