FAFSA and Estimated income

Paying for College
1

We went ahead and submitted the FAFSA form for 2016-2017. I plan on linking my tax return for 2015 once it is done but went ahead with my best guess in the meantime. I have a question about the gross income amount. I used my last pay stub of the year and entered my total income from that but I am not sure if that is what they really are needing. Do they want my gross income or my adjusted income after deductions?

With a combined annual income (husband and myself) of $107,000, $12,000 in cash on hand and a $8600 529 account, they estimated our Family Contribution to be over $19,000 this year with one student in college. Does this sound right?

2

They want your adjusted gross income (AGI), which is gross income after any above-the-line deductions but before your itemized or standard deduction and exemptions. This figure will not include any before-tax retirement fund contributions or before-tax contributions to health and dental insurance, etc.

3

Try https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/expected-family-contribution-calculator

4

Sounds right.