<p>How much did you father earn? box, do I include unemployment, line 19</p>
<p>my dad received money from an annuity loan, line 16b do I include that in that box as well.</p>
<p>Then what do I do about 38 dollars of taxable interest, line 8a. Thanks!</p>
<p>Do not put down loan money as income. Interest is income.</p>
<p>If you’re asking about income earned from work, you don’t include unemployment. That number is used to calculate payroll taxes, which don’t apply to unemployment benefits.</p>
<p>Thanks, I don’t know, it’s freakin confusing. How do I figure is the total amount of my parents assest greater that 48,000 as of today? adj gross income for the year is about $50,000. got some cars that are used. House is not owned as of yet, big screen tv that might be worth a few thousand and my Dad has some annuity I doubt theres that much in it.</p>
<p>Please read the instructions that accompany each question. Each of your concerns is clearly addressed in the instructions. </p>
<p>Annuity payout is included in the AGI, unless there is an amount in both 16a and 16b AND 16a>16b. If the latter is true, 16a-16b=amount reported as untaxed income. Otherwise, it is part of AGI & has already been considered.</p>
<p>Unemployment is also part of AGI, so it’s been reported already in AGI.</p>
<p>Taxable interest is also part of the AGI, so that is not reported separately, either.</p>
<p>Assets are not the kinds of things you are thinking of … they are amounts in cash, checking, savings, CD’s, stocks, bonds, properties OTHER THAN your primary residence, and other investments. You do not report the home you live in, and money that is held in qualified retirement accounts (like IRA’s, 401K’s, 403b’s) are not reported. Ask your parents if the total of the assets (as described in the FAFSA instructions that you can see when you are on the question on your FAFSA on the Web) are more than $48,000. If not, answer No.</p>
<p>Thanks, you didn’t really answer my question though if you look real carefully.</p>
<p>How much did you father earn? box, do I include unemployment, line 19</p>
<hr>
<p>No.</p>
<p>my dad received money from an annuity loan, line 16b do I include that in that box as well*****
No.</p>
<p>Then what do I do about 38 dollars of taxable interest, line 8a. Thanks! </p>
<hr>
<p>Nothing.</p>
<p>How do I figure is the total amount of my parents assest greater that 48,000 as of today? adj gross income for the year is about $50,000. got some cars that are used. House is not owned as of yet, big screen tv that might be worth a few thousand and my Dad has some annuity I doubt theres that much in it. </p>
<hr>
<p>Nothing you listed is “assets.” Please read the instructions on the FAFSA (there is interactive help online) to see what is actually an asset.</p>
<p>I can’t answer any better than this. (and I help students complete FAFSA on a regular basis)</p>
<p>Thanks. (It’s pretty lame that that is too short of a reply)</p>
<p>So here’s my story, my parents sold land in Mexico and we got a large some of money in. However, we had alot of debt and most of it is gone with only a few thousand left. Those thousand dollars are soon to be used to clear some more debt. I needed to file my fafsa because I have deadlines and my efc was around 99000!! My parents make nowhere near that much money and we can’t pay for school ourselves… Can anyone help???</p>
<p>The good news is I don’t think there are any colleges that cost 99000. Even the most expensive privates top out at around 50-60,000. Your in-state state schools will be considerably less than that, maybe by half. Living at home and commuting will cut the price even further. FAFSA’s thinking is that if your parents received a large sum of money this past year they should have saved some of it for your education.
I suspect they either recieved a HUGE amunt of money or they already have a very good income.
How much can they afford to pay?</p>
<p>The few thousand that’s left isn’t what is causing your EFC to be high. It’s likely the gain on the sale of the land and/or your parents’ other income. Or you made an error when you filed FAFSA. Have they done their taxes yet? What is their adjusted gross income on the 2010 tax form?</p>
<p>I’m also assuming it’s the large amount of money we got in. My parents usually make around 60,000 combined and we really dont have assets or savings in store so I wasn’t expecting my efc to be that low just not 99000. I believe the tax forms said 310,000 because of the land so this deal on the land really screwed me over didnt it? My main concern is if this is going to effect me for the next four years or so?</p>