<p>My questions is regarding my S non taxable structured settlement which he will start to received when he is 18yrs in 2013. Filling out the CSS profile I have discovered there is no place to put the amount. They ask for untaxed income for 2012 but not for 2013. I was told if I wanted I could make note of it in explanation section. Here is my question. Are these non taxed settlements which are in the form on an annity required to be reported at all on CSS profile or FAFSA for that matter. If I make note of it on CSS Profile will they use it to calculate his need even though it is income for 2013? (remember they dont asks for it specifically for 2013). If I don't make note of it this year when I have to fill out the form the following year and they ask for untaxed 2013 and I report it are they going to penalized him because it wasnt noted the year before? I am so confused. I want to do the right thing. The school he is looking at is approx. $50,000 and the amount he receives is approx. $25,000 a year. I got laid off from my job so my income is low and I wont be able to contribute much if any. What amount constitutes "need based". Help I am a widower so we are only dealing with one income here.</p>
<p>I’m going to guess at the answer. For the 2013-2014 school year, you use income from 2012. For the 2014-2015 school year, you will use income from 2013. I’m guessing that when you complete the 2014-2015 FAFSA - Profile forms, your son’s annuity payouts taken in 2013 will be listed as untaxed income. </p>
<p>I’m sure someone will correct me if I’m wrong!</p>
<p>For this year, he didn’t take any distributions in 2012 so you would not list anything…anywhere.</p>
<p>Have you thought about just filling out one of the gazillion [annuity</a> calculators](<a href=“http://annuitycalc.net%5Dannuity”>http://annuitycalc.net) to figure out the magic number?</p>