<p>I know this is really last minute. My husband is an attorney (solo practioner with no employees). Can you please tell me if he is required to complete the business/farm supplement? I saw an earlier thread where it was stated that he would not under the FAFSA, but what about the CSS profile? We did the CSS in the Fall, but for some reason, I recall thinking we were exempted from completing the supplement. Now, second guessing everything. Thanks</p>
<p>I think he does have to file the supplement (of course only for the schools that require it). It's required for the self-employed as well; their practice is considered a "business".</p>
<p>When you filled out the Profile and checked "self-employed", didn't it tell you at the end which schools required the Supplement? That listing is based on the questions you answered, so if it says that you have to, then you do.</p>
<p>My husband is in the same position. Last week we received an e-mail from one of D's CSS schools requesting that we fill out the supplement. I explained that my husband is a sole practitioner with no employees, leases, equipment, assets, etc., connected to his business. The school said never mind, you don't need to fill it out. Seems to me you should ask each college to see what its policy is. So far, we haven't heard from D's two other CSS schools.</p>
<p>My parents also decided not to fill out the Business Supplement, even though one school of mine required it. My mother owns a daycare, but when my dad looked over the business supplement it didn't appear to have much value. Most of the income that is generated through my mothers business is "written off" (Is what my dad said, I don't know what it means). Does she still have to fill out the Business Supplement even though the income is written off?</p>
<p>^^^ Check with the school. I think the amount that's "written off" is the amount the college in interested in!</p>
<p>Also, if one of your schools requires the supplement, it seems to me that your parents can't just decide not to file it. Your financial aid will definitely be affected negatively if the school doesn't get all the info it needs to make a decision.</p>
<p>I need help in filling out the form of Business farm supplement, and from the 1120 S, I am not sure what figure goes on the current assets, fixed assets, Liabilities etc.Please help.
Zuzu</p>
<p>ZUZU--those numbers are on the 4th page of the Form 1120S, Schedule L.</p>
<p>Page 1 of the Form 1120S will provide the numbers for the income/expense section of the Business supplement.</p>
<p>We sent this with our FA info. However, one of our D's schools very belatedly requested itemized corporate deductions, so have that at hand also (if incorporated). Still waiting for that FA packet.</p>
<p>I am an attorney that files a Schedule C (not technically a sole proprietor but in an expense sharing entity) . Every CSS school D applied to wanted the Business supplement and joy of joys we also own a ranch (and live on that ranch) .</p>
<p>I can tell you from experience they will ding you pretty good. IRS deductability means nothing. Depreciation? Forget it? Bought a piece of equipment entitled to 179 treatment? Who cares. Had a loss on a business? Tough luck. One year bump? Too bad charlie. Can't sell your business because it is a very personal service business and my clients won't stay with the next guy or gal? 1 or 2 times gross added back in to your assets. Gross artificially inflated by 1099's that aren't income to me or spendable by me because they aren't mine (just reported by insurance companies as income)? Tell it to somebody who cares. Ticked off company whose claim for payment you refused to pay files a 1099 for the "forgiveness" of that debt? Add that mystery money in, too. </p>
<p>It's not a pretty picture even at schools that are portrayed as generous. D is doing quite wonderfully at a Top 50 merit aid LAC. They just had as many Goldwater scholars as Yale. She was one of them. Living well is the best revenge. ;)</p>
<p>If the <em>student</em> has what amounts to self-employment income -- from baby sitting, mowing lawns, playing piano for weddings, selling Cutco knives, whatever -- then does the <em>student</em> have to file a business supplement? </p>
<p>If so, how does this affect the student's financial aid?</p>
<p>lgree, I'd risk that. Don't file.</p>
<p>Now if by lawnmowing you mean my nephew's landscape business he started in high school that now grosses about $200k. Yeah. I'd think you should mention that. ;)</p>