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Thank you very much for your answers. I tried for a week to get answers from different sources and could not get the informartion I needed to make a decision. You aswers were very helpful.

Thank you for your reply, it was very helpful. My Gross income was $60,395 and i am filling as a head of the household. My daughter is a junior, however it will be the first year we are eligible to apply for FAFSA. We have 2,5 years ahead of paying tuition. I don't have any assets and we have about ...

I read that I can still open a traditional IRA for 2012 until April. If it is correct, how can I show this deduction when I am filling Fasfa for my daughter. And the second question, if I decide to convert a Traditional IRA to a Roth IRA after filling FASFA, are there any fees for conversion? Thanks