I’m having a really hard time trying to fill out FAFSA. For example, to look for my parents income tax, it says to look at line 56, but when I look at the 1040 document, it’s not income tax, it’s self employment tax. When I try to look for American tax credit, it’s not where FAFSA claims it is to be. Why is that?
Secondly, on the income tax i only see federal income tax? is that the same as the income tax fafsa is asking for?
You are looking for adjusted gross income on the tax form. Since you are doing a FAFSA for 2015-2016, it is possible that the tax line it refers to is the 2014 form which isn’t available yet. You are probably looking at 2013, right?
Yes…you are looking for federal income taxes paid.
is federal income taxes paid same as federal witholding (as written on my parents’ and my paychecks)? and yes i’m look at 2013
@thumper1
Withholding could be more or less than ‘federal taxes paid’, so, no.
But if you are trying to estimate the amount for now, and you will submit a FAFSA correction later after the 2014 return is filed, those amounts are as good of a guess as any.
The amount withheld is not the same as the amount actually paid in some cases. No way to know for you. We got a refund last year, so our actual tax payment was less than our year to date taxes withheld. Some folks need to pay in addition…so theirs would be more than that line.
Most of the 2014 tax forms are available now. Here is the 2014 form 1040:
http://www.irs.gov/pub/irs-pdf/f1040.pdf
Line 56 is the tax calculated after credits are applied. The American Opportunity Credit information you need to report is on line 50. And yes, the FAFSA is asking for federal income tax information.
Some of the 2014 form 1040 line numbers are different from 2013 because of changes to the form due to the Affordable Care Act. The 2015-2016 FAFSA references the correct line numbers for the 2014 form 1040. But if you need to complete the CSS Profile be careful - unless they have fixed it within the last day or two, the 2015-2016 Profile form was referencing the wrong (2013) line numbers for the 2014 form 1040.
I was told by a Villanova financial aid officer tonight that line 56 in 2014 was line 55 in 2013.