<p>When putting how much the parents earned on the FAFSA do you use net or gross figures? Thanks for any info.</p>
<p>You use the gross. You follow the instructions on the FAFSA and use the line numbers from the tax return they filed.</p>
<p>You use the adjusted gross income, which is line 37 of their IRS Form 1040. That is adding:</p>
<p>gross income from wages, interest, dividends, business income/loss, capital gain/loss, IRA distributions, rent/S-Corp income/loss, unemployment, taxable social security</p>
<p><em>minus</em></p>
<p>deductions such as some business expenses, moving expenses, 1/2 of self-employment taxes, IRA contributions, and others.</p>
<p>You also have to report each parent’s income (if they are married) and your income off the W-2.
Just follow the directions they are very explicit on where to get the numbers.</p>
<p>thanks everybody, i appreciate it.</p>
<p>Keep after it. IT is a challenging form but the first year is the hardest. Next year you will be trained!</p>
<p>well, since one of the colleges require IDOC from college board, we’ll find out whether or not we filled it out correctly.</p>