I’m confused. It asks for my 2016 income but then wants to know what my untaxed income is. Does that mean I’m supposed to just report my income minus the untaxed income?
I’m thinking my untaxed income would include my state mandatory pension contribution, my husband’s 401k contributions, our HSA contributions, health insurance premiums, & transportation payments. Am I correct with this? So, pretty much everything that is taken out of our checks pre-tax.
It asks for the same thing for my anticipated 2017 income.
So in sections PR (parents’ recent income) & PF (parents’ anticipated income) what should I put down for the first 2 questions?
I don’t know why this is confusing me so much. I have read old posts saying colleges put the untaxed income back in when determining aid.
No, not everything. For instance, health insurance premiums deducted from pay by an employer through a cafeteria plan are never reported.
Profile questions PR-115A (untaxed income and benefits parents received or expect to receive in 2016) and PF-115A (untaxed income and benefits parents expect to receive in 2017) both have worksheets to help you answer the questions. Did you use the worksheets?
The first two questions in sections PR and PF ask about income earned from work. This would be the W-2, 1099 or other taxable income that will be reported in the “Income” section of your tax return.