Student TAP Coach - Income Reporting/Verification

New York State Taxable Income

HESC bases awards for TAP and STAP on a student's prior year New York State (NYS) taxable income, and depending on the circumstances, a student's parents' and/or spouses' income. Assets such as savings, home equity and liabilities such as medical expenses (except those reflected in taxable income). NYS taxable income includes wages, interest, dividends and other forms of taxable income after all appropriate deductions and exemptions have been taken into consideration. Scholarship and fellowship income is not considered income for the purpose of NYS student financial aid programs. Income from scholarships or fellowships reported on a federal or state tax return should be subtracted. Effective with the 2009-10 award year, income from state, federal and local government pensions must be included when reporting income for State aid. Effective with the 2010-11 award year, private pension and annuity income must be included in the calculation of income for purposes of determining TAP eligibility.

Nonfilers

Applicants who are not required to file federal or state tax returns should indicate "did not file" when completing the TAP application. The obligation to report income remains for a person who is required to report income to HESC, but did not file or was not required to file tax returns. Applicants must also report income exemptions and deductions as if a tax return had been filed.

Income Verification

HESC verifies reported income with the NYS Tax and Finance Department.