The forms are so confusing. yay.
For Parents Income it asks
To answer questions, 86 and 87, use the following information:
For tax filers, enter the combined amounts from IRS Form 1040-line 1 + Schedule 1-lines 3 + 6 + Schedule K-1 (IRS Form 1065) –Box 14 (Code A).
Our tax return doesn’t include Schedule K-1. Would we just not use it in the calculation??
(It’s zero for line 1 bc we don’t issue ourselves W2s)
Correct.
They way the questions go back and forth is so confusing. We file as an llc, so that makes us business owners. The forms ask for income but then also business income which is one in the same for us. (Obviously minus dividend income).
Seems like if I answer our AGI and then if asked what the business income was, it will count twice?? (I’m only going from forms I’ve seen online (will file next year) to see how the CSS syncs up to the colleges NPCs which seem to be faulty for the self employed.) Don’t know which way they swing, better or worse for EFC to get a feel for what we will or won’t get.
Have you actually seen the current version of Profile online, without creating an account with College Board? If so, please tell us where that can be viewed. I have only ever seen the current version of Profile by creating a College Board account and accessing the form to complete it.
There shouldn’t be any double counting of income for the self employed. All financial aid form instructions should tell you which tax form line to get the requested data from. W-2 income will come from Form 1040 line 1; self employed income will come from Form 1040 line 8 (transferred from Schedule 1 line 9). AGI (Form 1040 line 11) is the total of these incomes added up with other income sources (interest, dividends, capital gains, etc.), less adjustments to income, if any.
I googled “css walk through” and there’s various videos, etc. some unrelated, but…
I went to the CB CSS site and messaged someone there. I asked if I (as a student) could create my account now and not submit, to see what each college is asking. They said one could. I will TRIPLE check with that with them to be certain as it’s easy to get various answers from different reps, etc. You can do this until it closes. I think in February some time according to the person in the msg.