<p>Well this year I pulled 9K out of an old IRA to pay the sons college costs and avoid parent loans. ( I still have a good state Pension so the IRA was going for a trip)</p>
<p>My Question is:
When filling out the FAFSA for the line on Total wages and income of Father should I include the IRA withdrawal?</p>
<p>I am thinking I should but not sure.</p>
<p>No. On your tax return it would be included in your AGI. So on FAFSA it should be included in the AGI. But it is not income earned from work. The income earned from work question is used to determine allowances for FICA, and IRA distributions do not incur FICA.</p>
<p>Check with a tax person. If your IRA was a pretax one…you will also have to pay taxes on it…it was not previously counted in your taxable income. I have to wonder if an IRA withdrawal of this type counts as “other income” or something like that. I know that the distributions I receive from an inherited IRA are included in my AGI.</p>
<p>^^ good point. I forgot about the possibility of it being a Roth. If it is a Roth IRA then it would have to be reported under untaxed income.</p>
<p>Thanks for the replies. It was a traditional IRA that was taxed this year when I withdrew the money. It is included in the AGI. I did get to avoid the 10% penalty since it was used for college costs though</p>
<p>Thanks again</p>
<p>If it’s already included in the AGI, I don’t believe you list it again. Someone else can verify this.</p>