Calculating Adjusted Gross Income; HELP!

Paying for College
1

<p>I just filled out the FAFSA application. I had to use estimates basically I went by some of the info from the 2004 IRS 1040 form and the last paychecks for my parents of 2005. On their last paychecks it gives the Gross Pay then it mentions other things (FICA, Fed Tax, State Tax, City Tax, MEDC, and EPVA if that means anything to anyone) that I think are subtracted (taxes). Unfornuately when the FAFSA asked for the Adjusted Gross Income I decided to go with the paychecks instead of looking at the 2004 IRS 1040 form. When I did that I took the Gross Pay for both my parents and simply added that to get the overall Gross Pay. However after lookign at it, it seems to me that their Gross pay is what they've made without taxes being deducted. I'm not even sure. If I'm correct then I think that I've made a mistake, a mistake that makes a $10,000 (this is how much my parents ended up getting taken off for those other things I mentioned earlier) difference in the Adjusted Gross Income.</p>

<p>Hopefully this makes sense. I really hope I didn't screw this up. I had no one to really help me so I had to do this based on all the information I could gather online, from counselors, and friends.</p>

<p>My EFC was 1865. But I think that if the Adjusted Gross Income has $10,000 subtracted from it then I will definitely have a lower EFC.</p>

<p>I'm really worried here. My mom might fill out the 1040 form this week but I'm not sure at all if it'll be too late by then. My FAFSA has already been filled out and processed. And for my CSS Profile it's all done just not submitted because I'm afraid that the Adjusted Gross Income is wrong.</p>

<p>HELP!</p>

2

<p>Also I wanted to add that I tried to make corrections but was too afraid that I'd just mess up the application even more so I didn't do anything yet. However it kept saying something about SAR and how I should be getting it on e-mail if I provided one. I did provide FAFSA an e-mail but I haven't heard anything about SAR so far. I did get an e-mail from NYS TAP though. I have to fill that out soon too.</p>

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<p>If you overestimated your parents AGI, the only way you can go is down. So don't sweat it. You already have a very low EFC, and it will likely get lower.</p>

<p>AGI is your parent's earned income (before you take out taxes) minus any 401k or 403b contributions. I'm not certain what the MEDC or EPVA are that you described, I'd have to see more info. From what you are describing, I would assume that your parents probably don't have a great deal of interest or dividend income nor business income, so those probably won't be a big factor.</p>

<p>The most common items subtracted from this number are IRA contributions (which are added back in) and education and student loan interest deductions.</p>

<p>You may be high, but it won't be by much. You should be fine. Just get is corrected as soon as your mom gets the tax return done.</p>