I am filing out the Questbridge Parents Income and Assests portion, using my parents tax returns. But my main issue is that my dad is self-employed and my mom is unemployed. Because my dad is self-employed, I dont know how he files his taxes, so there are a bunch of zeros, and the only number on there is really low (4 digits) and does NOT accurately depict our income. I’ve tried asking for my Dads business tax forms, but he is relectant to give them to me (so I also do not know the value of the business). I’ve applied to CPS, and ran into the same issue and believe that is one of the main reasons why I was rejected.
I know I do qualify for NM, but everytime I try to fill out the section to the best of my ability, I get a sense of being a fraud? How should I go about filling it out? Should I mention anything in the additional information section with an estimate of what we make?
If he isn’t reflecting business income on his personal tax return, that may be an issue. If you are selected as a finalist, QB partner schools will ask for all your parents’ financial documents, including the business returns.
You absolutely MUST have accurate financials. This is needed for Questbridge, but will also be needed for the FAFSA and (if required) the CSS Profile. These figures must accurately reflect your parent income…and assets. This isn’t an option.
When you file the FAFSA, you will be required to link to the IRS Data Retrieval Tool…or you will be selected for verification and the school will likely want signed copies of your family tax returns, including all schedules.
It is extremely important that your father understand what you have to gain and lose, depending on his assistance. If he provides accurate information, it’s possible that you could get the financial aid that will make it possible for you to attend school. If he refuses to provide the information, you will not be able to apply for programs like Questbridge, schools will not consider you for institutional aid, and your federal aid will be limited to unsubsidized loans. In other words, this is a situation in which your father’s assistance is is critical to your future.