My parents submitted fafsa before deadline.
there was a question about how much federal taxes paid. They entered the amount in the line on 1040 referenced by fafsa (Line56)
Now they owed about $2,000 on the 1040.
Should that $2,000 be added to the amount on 1040 line 56? If you think about it …it is total fed. taxes paid.
Please if anyone knows plz help.
I called fafsa and the lady at customer service told me she dont know.
Are you saying your parents owe additional taxes to the IRS which they have to now pay? If so, this doesn’t get entered on your FAFSA at all…I don’t think.
The information on your FAFSA should come directly from the lines on the IRS tax form.
You know in the irs tax form 1040 the line when some get a refund?? my parents dont get a refund…they owe $2,000
does that makes sense? every year they tell me they owe money when the filed their taxes in april
Is the total tax owed $2000 more than the line 56 amount, or is it just that they under withheld and now have to write a check for $2000? If the amount on line 56 is $10,000 and they had $8000 withheld from income for taxes, the tax owed is still $10,000 and they have to pay the remaining amount, $2000, to the IRS. Nothing has changed. Nothing to correct. If the amount on line 56 is now $2000 higher (thought they’d owe $10,000 in taxes but it is now $12000) that should get corrected if you use the DRT; if not, do a correction on your FAFSA.
Right. Their actual taxes owed would need to change for YOU to need to make a change on your FAFSA. If it’s just that not enough was withheld, and your parents need to pay the balance…you don’t do anything.
I dont underestand what withheld means? u mean whatever taxes they take out of their paycheck?
Your parents are required to pay a certain amount of taxes based on their income. Their employer withholds tax money from each paycheck. Sometimes this withheld amount is not enough to cover the taxes. When that is the case, your parents have to pay the difference.
Is that what happened? When your parents did their taxes, were they told they needed to pay an additional $2000?
Answer the FAFSA tax question with the correct number that appears on line 56 of the form 1040. It doesn’t matter what amount your parents owe or get a refund for after any withholding is taken into account. If the number on line 56 is correct, that goes on the FAFSA.
@thumper1 Yes that is exactly the situation. employer withheld too little and they need to pay an additional $2000 by april 15th.
my question is should we add that extra $2,000 to the question on the fafsa? or should I call financial aid office?
No. You don’t add that to the FAFSA.
Ok…
I just wanted to express my gratitude to those who commented on this post. Know that it is truly appreciated.
http://apps.irs.gov/app/withholdingcalculator/
Your parents should fill out a new W4 form and adjust their withholding so they hopefully won’t owe next year.