Hey y'all I saw some education related stuff so I wanted to drop some info here. Everything here will be coming from the final version of the 2024-2025 FAFSA Pell Eligibility and SAI Guide. This will only cover 1 small part that has tax considerations. For a dependent student there is a new "asset reporting exemption" for the parents and students on the FAFSA when: AGI below 60,000; Schedule A,B,D,E,F,H NOT filed; and if a schedule C was filed net income is greater than negative 10,000 and less than 10,000.

Asset reporting exemption can help some students if their families have low income and high assets. Special consideration should be given on Schedule C and any of the above mentioned forms if they are not required to be filed. There are other restrictions on asset reporting exemptions for FAFSA purposes, I only listed the tax related rules. If someone is required to file a form, it should be filed, if there is no requirement, it might be good to consider the necessity of filing it (for example filing schedule B when there werent enough dividends/interest to require filing it).