FAFSA question

<p>In the Income Estimator in section 3: "Your Parents' Information", under 'Wages, salaries, tips, etc." do I put my parents' combined wage per hour or combined salary per year? Can someone please clarify this for me?</p>

<p>It is the per year</p>

<p>Yes - per year</p>

<p>And I get this info from the 2007 W2 form, right?</p>

<p>It is the per year</p>

<p>no, you need to use their last paystub of 2008 and then update (if necessary) with 2008 W-2 that they will get this month</p>

<p>on their paystub, it might say "taxable wages". This could be different from "gross pay". If they pay for health care with pre-tax money or contribute to a 401K, their taxable wages will be LESS than their gross pay. You use "taxable wages"</p>

<p>xposted with swimcatsmom :-)</p>

<p>You can estimate using 2007 information. Eventually you will have to update with accurate 2008 information (for the 2009-2010 FAFSA).</p>

<p>Yes, adjusted gross income can be found on the income tax return, and wages can be found on the W-2 forms.</p>

<p>Where do I find the rest of the information (Interest income, dividends, etc.)? Is that also on the paystub?</p>

<p>No, interest income, dividends and capital gains would be found on bank and brokerage statements. Most banks and brokerages have online sites where you can log in to see your 2008 tax statement well before the time they mail these statements out.</p>

<p>
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their taxable wages will be LESS than their gross pay. You use "taxable wages"

[/Quote]

are you sure?</p>

<p>'their taxable wages will be LESS than their gross pay. You use “taxable wages”. are you sure?"</p>

<p>Just bumping this question of taxable wadges for FAFSA report up once more as it’s very important: </p>

<p>taxable wages = gross salary-pretax items(health, dental, etc)+non-cash salary benefits (like life insurance) [I took this from the last pay 2009 pay stub]</p>

<p>Any confirmation by those in the know appreciated.</p>

<p>It’s the amount you would report on IRS 1040/1040A/1040EZ line 7. The best way to find out what is included is to go to [Internal</a> Revenue Service](<a href=“http://www.irs.gov%5DInternal”>http://www.irs.gov) and search for taxable wages.</p>

<p>When I did a FAFSA using estimated numbers I actually did a ‘dummy’ tax return so my figures would be pretty accurate. That way, and comparing to the previous year, everything that s/b in the AGI was included in the AGI. (we do our own returns with a computer program so this was pretty easy).</p>

<p>Just make sure you correct the all the estimates in the return to real numbers before you file it. Not that I would do anything so silly as not correct them all. Cough cough.</p>