So my parents financed a lot of cars for our company, so our agi is low. For our total income, does the depreciation of the car become added back in ? or is it left alone?
Your parents own a lot of cars with their company? And they depreciate each car’s value. And the depreciation is listed when they file their taxes.
How much depreciation total is there for one year?
Yes, I would bet that CSS will add that back in.
You’re a transfer student. Are you waiting to see what your FA pkg is?
If you don’t get much/any aid, what will you do?
the depreciation value is around 80k but the net income is around 10k for the company
What is the family’s income?
That would be whatever the company made that year. Net income would be 10k
So $90k AGI or $90k taxable income after adding back the depreciation?
agi is when you have the deductions, so 90k taxable but becomes 10k after depreciation.
What is the AGI amount and what is the taxable income amount, per the filed tax return?
The personal agi was 10k. and the personal total income is around 10,500.
the business agi is the total income so 10,500. And total income in gross receipts for the business is 250,000
Are you expecting the schools to believe that your family is living on $10k per year? They’re going to add that $80k in depreciation back in.
My guess is you will be selected for verification because the gross income and net income are SOOOOOOOO different. Your parent business supplement will be part of your submitted tax return, I believe.
You are trying to convince us…and a college…that your business which grosses $250,000 a year leaves only $10,500 in AGI for your family? If I find that hard to believe…so,will a college.
So…be prepared to provide significant documentation for all business related expenses. My gut is you are going to be asked for them.
Having said all of that…how is the business structured?
What is Emory’s finaid package for you? If your EFC (as you wrote in a previous post) is $0, are you expecting Emory to give you a lot of aid? Don’t they require the CSS?
Emory isn’t likely going to give you a lot of aid. If your EFC stands, you’ll get the Pell Grant, but Emory is going to be adding back in a whole bunch of the deductions. They’re not going to believe that your family’s business has $250k coming in, yet you’re all living on less than $1k per month.
What kind of business is this?
Does Emory promise to meet need for transfer students?
My efc is around 40. I never said my efc was 0. The business agi is 90k without depreciation. However that doesn’t account for expenses not listed on the tax return such as commercial vehicles which adds up to 40k a year. Also, the household is two. My parents are divorced.
My mistake, then. How much do you need to be able to afford Emory? How short are you? When do you have to let Emory know that you will be attending?
im waiting for my FA still. i was told it should be done by friday
Let us know what happens.
What is the gross income of that business? Which parent owns it…custodial or non-custodial.
Small businesses do not need to be reported on the FAFSA at all which is how your FAFSA EFC is likely so low. BUT Emory requires the Profile…and the business will be considered. It is very possible that Emory will determine that your family contribution is much higher than what the FAFSA indicates…because they use the Profile to,determine awarding of their institutional need based aid.
57k in grants. 2.5k in work study. paying around 2k a year
That should work!