Federal and state financial aid?

my mom makes about $40,000 per year income. at the moment i am not eligible for financial aid (haven't graduated high school yet) and still go to college full time. I understand i'm not eligible until after graduation. but i have all of the information filled out and ready for after my mom does her taxes. if i had graduated already, this year would have been paid in full except for $500 out of pocket for me. my grandfather died a year ago and his house recently sold. i was wondering if my mom's share ($30,000) is going to affect my financial aid eligibility. i know i can't get state aid without federal aid first. should we hire someone to do our taxes just to be sure it doesn't screw up my chances for aid. if this affects my aid, how much will it be? i do not work and count as a dependent of my mother.

i haven't legally worked in 2008. all i did was under the table data entry for 2 months

First, you must report "income earned from working" on your fafsa. This would be income earned from working under the table, over the table, or on on the pool table. All of it is "income earned from working". Period.

Second, yes, your parents assets are used in calculating your EFC, but not near as much as you think, depending on her age, she can have quite a bit saved and it still not count against you. Yes, her 40,000 a year income will also be factored in. Just be aware, 40K a year is not really considered low-income.

Tax preparers are not fin aid people and usually have no idea about rules for fin aid. If mom is willing to pay someone to do her taxes, she can. But don't count on it getting you more aid. As long as the tax forms are filled out correctly, and you transfer the info accurately, you will be fine. Be aware a tax person can't get you "more aid". Her income and assets is what it is, a tax preparer can't change that. so they can't do anything to increase your chances.

Be prepared to be offered federal Stafford loans. Dependent freshman can borrow up to 5,500 per year.

The only part of your question I can answer is that i know the inheritance your mom receives from your grandfathers estate will be considered income (i'm 99% sure).

it just might...you need to file your self.....you will be able to aquire more financial aid if they see you are on your own (even if your really not) any money aquired goes towards her yearly income....