Where do I find the total amount of investments and net worth of business?
Do I look at my parents’ 1040 tax form? (I can’t find it on there.) Where do I find the total values?
Or at least where do I find assets and liabilities?
Investment values can be found on monthly or quarterly statements. Daily values can usually be found through online access to the account or by the account owner calling the investment firm’s customer service line. For the net worth of a business, you would have to talk with the owner(s) of the business. Real estate value can be tricky, but the best source is a recent appraisal.
You need to talk to your parents and get that info from them.
@MiddKid86 This may be a stupid question. Are the quarterly/monthly statements separate from the tax forms? Are they their own papers?
@mom2collegekids I know, but aren’t there papers that state this information? I assume my parents won’t know the exact numbers without referring to some document.
The statements are not part of the tax return. They are like a bank statement you would get in the mail periodically for a checking account or savings account.
You need to ask your parents about their statements from these investments. they may be paperless, and they may have to look online.
@mom2collegekids ok well I’ll see when they get home. I also watched a video on the net worth of the business and it said I should not include my parents business if it has less than 100 employees. Is this true?
From the FAFSA instructions:
Business value does not include the value of a small business if your family owns and controls more than 50 percent of the business and the business has 100 or fewer full-time or full-time equivalent employees. For small business value, your family includes (1) persons directly related to you, such as a parent, sister or cousin, or (2) persons who are or were related to you by marriage, such as a spouse, stepparent or sister-in-law.
@mom2collegekids @MiddKid86 thank you very much for answering my questions! However I have one last (probably dumb question) about my EFC number.
I have an EFC number of 019737. Is the number practically zero or is the first zero a place holder?
I’m guessing it’s 19,737 not 0…
You guessed right.
@MiddKid86 ok thanks lol