So im going through each question for CSS and I have quite a few
-Number of years at current place of employment
What are you asking, exactly?
sorry i just entered the thread by accident and i cant delete or edit it so I will post it here
So im going through each question for CSS and I have quite a few:
----IRA, SRA Keogh, SEP, 401(a), 401(k), 403(b), 408, 457, 501© plans
Does everyone have all these plans?? I dont know if my parents have all of these papers (they probably only have IRA.but if they do I will need to find a way to ask them as they do not speak english)
—Since my parents have changed jobs, should i estimate from the income from they have now or should I input last year’s tax numbers (because the income is pretty similar to their previous jobs)
—Number of years at current place of employment:
My mom worked at a new place like 5 months ago, should I just put 1 year?
—Enter the total current value of this parent’s tax-deferred retirement, pension, annuity, and savings plans.
I dont think my parents have any?? when I asked they didnt know
—Name of Occupation
My dad does a job that requires manual labor, what is the best way to say it?
—Additional Medicare Tax:
I dont believe this applies to me but I am not sure, I’m assuming I just put a 0
—Does the social security benefits=the social security wages on the w2 form?
—Student expected income:
It asked if what income I am expected to have during the summer of 2016 however I do not have a job but I am applying for a job but I have no guarantee that I will receive it, do I just put 0? The same question applies to scholarships
—Enter the amount your parents will pay for college
I’m assuming I estimate?
—Enter amount you expect to receive from relatives
What if I truly do not know how much I will or if I receive? Do I estimate (if possible) or do I just put 0?
—Supplemental Questions
One question asked if I owned any properties and it said I must provide this information in English. Do i just put none or do I leave it blank?
I apologize if the answers to these questions seem obvious but I am just very confused and I have to do all this info myself and I can barely understand everything. I will probably add more questions in the future but for now I only have these questions. I thank you for your help even if you just answer one question.
Ask your parents. These are authorized retirement accounts.
You use the income they earned in 2015. They should know that by now!
You put the length of time your parents have worked at their CURRENT jobs. If it’s less than a year, you out that.
This goes along with the question above about retirement accounts. What is the total IN the retirement accounts your parents have (IRA, etc).
What does he do? Is he a ditch digger, a builder, what? Put down what his job is.
If it doesn’t apply you put 0
Again…$0 if this doesn’t apply to you.
Do you really exoect to earn $0? If not, put a realistic amount.
If it’s $0, put $0
Put an amount your parents really can pay.
Do you expect to get money from relatives…guaranteed? If not, put $0.
Is it a yes/no question. If so, put NO because you don’t own properties.
Thank you! I’ll have to ask about this to my parents but one thing I have an issue with is the years of the employment with their current job. I have tried to put less than a year however they only allow you to put whole numbers, should i leave this blank?
If it’s only in years. Put 1.
when it says something like
Estimate your parents’ 2015 adjusted gross income using their 2014 IRS Form 1040, line 37 and 2015 financial documents. To enter a loss, use a minus (-) sign.
does it mean that i just put the income on line 37 or do i subtract the 2014 form to the 2015 form to indicate whether i gained money from last yeaer
Regarding all those different types of retirement plans, most people do not have all those types, but they want to make sure what your parents do have gets reported. I personally have 5 if those, but that is a lot because I have had a lot of different employers – most people will have a smaller number.
Also, lowball what your parents will pay – maybe put in 75% of the number they give you. No point in offering up a large number, IMHO. No telling what colleges will do with it.
You don’t subtract one year income from the other. Put your best estimate for 2015 income in that spot.