My dad has yet to file his 2014 tax return ( I assume you file your tax return of 2014 in the next year to represent full income throughout the year ie. you file your 2014 tax return in 2015). I would just use 2013 tax return but he lost his job, got a new one, and now makes less than half of what he used to.
How should I go about reporting his income? Should I just estimate what it will be?
I could try and obtain his W2 form, but does he not have this until he files his taxes for the year or does he get it when he first got his job? Sorry, I know nothing about taxes…
@tim322 - Are you talking about information for FAFSA, CSS Profile or a QB application? Your dad should have his W2(s) by now for 2014. The deadline for providing a W2 to an employee is January 31st. If your dad changed jobs in 2014 and his new salary is significantly lower than his old salary, you should explain this as a special situation. Give the dates that your father worked his old job and the amount of his W2 earnings and the dates that he worked his new job and his W2 earnings and provide copies of his W2s. If you need to provide 2013 information now, do so along with copies of his 2014 W2s and your explanation of his change in circumstance.