<p>This is probably the last thing anyone wants to hear about on a Sunday night, but was wondering if anyone else had had this problem... </p>
<p>CSS Profile won't let us submit the form because we answered "zero" to this one question under 2008 Parents Income & Benefits (PI-140A):
"Enter the income tax your parents paid for 2008 from their 2008 IRS Form 1040, Line 56."
It just won't seem to accept "0" as a legitimate answer.</p>
<p>Second, re: the FAFSA form-- under Parents Info, it asks for "Parents' Net Worth of Current Investments," but doesn't seem to differentiate between our younger kids' college funds, our retirement account, or anything else. Do we just lump everything together for a single figure? I thought that retirement accounts were assessed at a lesser value?</p>
<p>My sister said one of her friends was audited on her FAFSA account, and I'm paranoid about making mistakes. I keep comparing the two forms and thinking I'm forgetting one thing or another...</p>
<p>lspf72–they have a 1-800 number for ‘live help’ w/the FAFSA. I’m calling it tomorrow, because I have to update, and forget the ‘transaction number’ for the session I’m updating. </p>
<p>Are you sure it won’t let you submit with 0 in the tax field? Because I had the same issue and I kept getting some sort of error message (like, “this has got to be wrong, go back and fix it”) – but after the 2nd time I plowed right ahead and clicked whatever button I could to disregard or cancel the error message, and it let me submit it. </p>
<p>(Hey, are those Obama tax cuts for those of us on the bottom cool, or what? ) Actually, all kidding aside, I think it is rather odd that they think that EVERYONE who fills out a profile is paying taxes – a lot of middle class families may be able to avoid owing taxes if they itemize deductions.</p>
<p>OK, I wish there was a way to reconstruct what I did – but I think that once submitted, there is no way back into the system. I think your H’s suggestion makes sense. Do you also have to do IDOC? Most colleges are going to end up wanting to see the actual return one way or another, and that’s what your award will be based on.</p>
<p>Did you have income in 2008? If so, that could be your problem. If the income is above a certain amount, you would have had to pay some taxes. This is asking for the amount you paid in taxes on your 1040 form…not any amount you owed in addition when you filed your taxes. If you were employed…did you have FIT (federal income tax) deducted from any pay stubs? If you are self employed, did you file quarterly and in what amount?</p>
<p>If you paid quarterly taxes, that’s what should be in that line. It’s asking for the total tax for the year, not just what you paid on April 15.</p>
<p>You can file the federal aid application yourself however another option approved by U.S. law is getting help from a fee-based professional student aid advisor and FAFSA preparer. (Higher Education Opportunity Act of 2008.) Much like people choose tax preparers to help them with income taxes, some people prefer having a knowledgeable FAFSA preparer helping them become eligible for the most aid possible. The government’s computer review can approve an inaccurate application - and your aid award will be less than if you hadn’t made the errors. Professional services using with well-trained advisors read every answer to ensure accuracy.</p>
<p>The 137 tax, asset, and dependency questions on the FAFSA can be daunting and time consuming (twice as many questions as basic income forms). But don’t let them deter you. Attend a workshop or get help from a fee-based service. Be sure that if you choose a service that it:</p>
<p>has an unblemished record with the Better Business Bureau;</p>
<p>a long track record preparing FAFSAs specifically;</p>
<p>high ratings from past clients; and</p>
<p>has as their goal to maximize your eligibility for aid.</p>
<p>The competition for student aid this year is fierce. The Department of Education recently reported a more than 10% increase in filings already and Student Financial Aid Services, Inc., the nation’s largest FAFSA advisory service, has reported a more than 35% jump in calls this January compared with last January.</p>
<p>For the 2009 - 2010 academic year, a student can file a FAFSA until June 30, 2010. HOWEVER, the catch is that 70% of all state and college deadlines are before April 15, 2009. The state of Colorado doesn’t have its own deadline, so check with your college/s for their deadlines.</p>
<p>Most aid is awarded on a first-come, first-served basis. Filing early is extremely important - especially given the competition for the $144 billion available in aid today is greater than ever.</p>
<p>This is getting confusing. I pay quarterly as well, but my quarterlies include self-employment tax. When the FAFSA and Profile are asking for “tax” they mean the total income tax for the year, not including the self-employment tax. </p>
<p>For me, that number is 0. Yes, I did earn money - but I also had write-offs to reduce my AGI (self-employed health insurance deduction, 1/2 of self-employment tax, contribution to SEP IRA) – and I also own a house and itemize my deductions, which include home mortgage interest and real estate taxes – and that reduces my taxable income even further. So, at least for me, the end number this year was 0. Yes, I did pay more included with my quarterlies, but I was owed a refund. </p>
<p>The CSS Profile asks the parent’s net business income (PI-120A), income from work (PI-155A) total adjustments to income (PI-130A), adjusted gross income (PI-135A), itemized deductions (PI-150A), education credits (PI-145A) – and total income tax paid - (PI -140A). In my case, after all adjustments and deductions were taken into account, I did not owe any income tax – but looking over my own return, I think that may be because I have a small tax credit that the CSS Profile didn’t seem to ask about. </p>
<p>Obviously I don’t know what lsp’s numbers are. I am thinking that the CSS Profile form might have an internal calculator that is based on tax rates that were in place in October 2008 when they started collecting information for next year’s class – but I believe there were changes to the tax code that benefited those of us on the lower end of the spectrum, which were pushed through with the stimulus in February – so that may be where the CSS Profile form is balking.</p>
<p>calmom- H is also self-employed, and that’s what he found this confusing as well. Unfortunately he won’t be home til late tomorrow night so I’m stalled at the moment.</p>
<p>Do you have your 1040? Look at the number on line 46 – is that above 0? If not, post again…</p>
<p>If so, look at the number on line 56. If that is a positive integer, enter that as the tax on the Profile form. If that is 0… post again and tell me which lines between 47 & 54 have entries.</p>
) Actually, all kidding aside, I think it is rather odd that they think that EVERYONE who fills out a profile is paying taxes – a lot of middle class families may be able to avoid owing taxes if they itemize deductions.</p>