Are your parents citizens? They do US tax returns?
You’ve “contacted your parents”?
Where are they? Do you not live where they live?
For the Duke NPC, it’s anything that’s taken as an above-the-line deduction on the IRS tax form (1040 or 1040A). Among other things, it could be educator expenses, certain business expenses, Health Savings Account deductions, moving expenses, deductible part of self-employment tax, other allowable self-employment deductions, penalty on early withdrawal of savings paid, alimony paid, IRA deduction, student loan interest deduction, allowable deduction for tuition and fees, etc.
Thabk you @BelknapPoint . That is what I thought. Like I said…the only adjustment we had was a $250 education expense adjustment.
@thumper1 I had to “contact” my parents because they’ve both been traveling for work and one is in a different time zone for the summer while the other in general works in a different state (sorry for the odd wording earlier). My dad is back for the weekend, however, but he still thinks (according to the definition above) that we may have some adjustments to income. But he’s including taxes, which doesn’t make sense to me, since everyone has to deal with taxes on their house and annual income…
He apparently hasn’t filed an actual tax form for this year and was just estimating this entire time though. I guess he was just lazy and/or busy and didn’t want to look through any records while he was away. Again, I will update at a later date when he is able to provide better details. I think I should not have started this thread when I was so misinformed, I’m very sorry…
Your 2016 income tax forms were due April 17 this year…unless your parents filed for an extension. Usually this is done by self employed folks, or folks who, for some reason, can not get all of their financials in time to file by the April deadline.
Does your parent understand they would be using the 2016 return? No one has done 2017 yet.
Unless I’m reading my tax form incorrectly, taxes re NOT adjustments to income.
@BelknapPoint listed the items that are adjustments.
Regardless…apply to Duke…but do a regular decision application.
You should also have a conversation about college costs with your family. How much can and will they be able to pay annually for you to attend college. To be honest…that is a more important number than what the NPC spits out.
With a $200,000 income…I would guess that your family contribution will be in the $60,000 a year plus range.
But there are TONS of wonderful colleges that cost less.
In addition, if you are really a competitive applicant for Duke, it’s very possible that you could garner merit aid elsewhere.
Good that you are looking now…gives you time to look at a variety of colleges.
Ah apparently he’s filing them late…he was pretty slow to admit it though. It wasn’t until I mentioned that they were due already…
I might’ve forgotten to mention in my earlier posts that my parents are only willing to pay as much as my in state schools (around $30,000). I was considering Duke when I first ran the NPC incorrectly, but now thanks to this thread I know that the school is unaffordable for me.
I may still apply to Duke RD “just cause”, but there would really be no benefit since it’s too expensive… I may have a change in heart since I do love the school, but oh well.
Honestly I’m not very competitive for Duke. But it’s the only completely unaffordable school on my list,and all the rest except 1 are in state. So at least now I will be comfortable applying.
Thank you again everyone for the advice and helping me sort out finances, they were very confusing for me…
Here is some free advice. Look at the characteristics you like in Duke. MIKE a lost. Then start to look for similar schools where you ARE a competitive applicant…and where it’s either affordable…or where you might get some merit aid to add to the $30,000 your parents will give you.
Look first at your instate public s since your parents sound like they can and will fully find them. You may find just the right school in your own neck of the woods.
I don’t know where you are…or where you would like to attend college…but there ATE options out there for you.
Good luck to you.
If your parents are being cagey you really need a solid number, if that is the 30K a year then you really need to work with that. And yes, you are a solid student but not a Duke scholarship solid, right? Your stats might get you merit as long as you target the right schools. Merit won’t come from reachy schools.
@agentaquastar sorry for the delayed response. I’m sure it’s different at different schools, but I called the school before doing anything. They were willing to do an official estimate if we applied and paid the application fee first. My daughter got her common app, FAFSA, and CSS/PROFILE in by the end of October for a Nov 15th deadline, then we contacted the financial aid office and told them it was submitted, and they got us the estimate within about 48 hours. We then submitted the ED agreement. It was really easy.
Her twin sister applied ED to a school that doesn’t do official estimates, but they were willing to spend a LOT of time on the phone with me to make sure I ran the Net Price Calculator correctly. (I had). Again, the package was spot-on, very close to the NPC.
As an aside, these were both schools that meet 100% of need but need is a very nebulous thing…we got really different packages from the two schools despite having precisely the same input.