any accountants here?

[overman]

Or anyone familiar with income tax "stuff"?

 

[lilkoreangirl]

I'm no expert...

If it is a simple question, maybe I can help...?

LKG

 

[bigdan]

CPA here specalize in small bus and personal income tax

 

[overman]

low income explanation

Thank you for your interest. I recently applied for FAFSA (federal financial aid) and my university needs an explanation for my low income for 2005. I have attached the form- this is for 2005, even though it says 2004.

I was unemployed, attended school full-time, and recieved financial aid for tuition. My primary means of support were credit cards (regrettably), girlfriend (live together), gifts (from family) and living a fairly uneventful life. In May of 2005, my mother purchased the home we were renting (legally, my father was the renter). To pay rent (from Jan-May), I used the little savings I had from 2004 and my credit card. I had no bills in my name (phone, utilities, etc.), I do not have children, I do not have a car payment and as weird as it may seem, I rarely paid for gas- my girlfriend and I had nearly identical school schedules because we were both pursuing the same degree. Oh yeah, her parents pay for her gas. I also sold some of my personal property (not exceeding $1250.00). My girlfriends parents frequently visited us and enjoyed buying us food. I graduated in May and recieved a few gifts including money but nothing exceeding (I think this is right) $10,000.00!

Is this all legal and legitimate? I am not trying to cover my ass, I am simply trying to explain my unique situation in 2005. It was a weird year!

Thank you

I did not have to file in 2005- I spoke with an IRS representative.