help with penn financial aid form

Parents Forum
1

<p>Okay since the Penn forum isnt giving me any help and I see the Cornell thread below is, I'm gonna ask for some help. (My parents don't speak English so I have to do this myself)</p>

<p><a href="http://www.admissionsug.upenn.edu/forms/Dom6.pdf%5B/url%5D"&gt;http://www.admissionsug.upenn.edu/forms/Dom6.pdf&lt;/a>
^^the form for reference.</p>

<p>How do you find the answer for number 12 about taxes paid in 2004? I cant find it on the 1040. It asks for State and local income taxes, real estate taxes, total itemized deductions (what does that mean?)</p>

<p>There are columns for info for 2004, 2005, and 2006. I only have the 2004 tax forms. How am I supposed to fill out for 2005 AND 2006??</p>

<p>Should I put my earnings after tax or before?</p>

<p>For question 4, estimated resources. It said "list the amts you expect to contribute toward your educational and living expenses for 2006-2007 from these sources. Do not include anticipated financial aid." Are they asking us to find our EFC? or just guess on how much we can afford?</p>

<p>It also asks for contribution to IRAs, I have no idea how to say that in Chinese (don't really know what that is either) but on the tax forms I see on 15a "IRA distributions" that there is nothing. Does that mean it's 0 for contribution to IRAs?</p>

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<p>The answers below apply if your parents filed a 1040 form last year. If they filed a 1040A, repost and I'll look up the info. If they filed a 1040EZ, then put "0" for all these answers except total tax paid.</p>

<p>The answer to taxes paid (#12) is on line 63 on the second page of the 1040.</p>

<p>State and local income taxes should be on line 5 of schedule A (if your parents itemized thier deductions), otherwise you will have to hunt through thier tax documents for any state and local tax statements.</p>

<p>If you parents own real estate, the real estate taxes will be on line 6 of schedule A.</p>

<p>Total itemized deductions is on line 37 unless your parents took the standard deduction described in the left hand margin of the form.</p>

<p>Estimate the 2005 and 2006 numbers based upon the actual 2004 taxes.</p>

<p>Earnings are going to be your W-2 income on the top line of the 1040 form.</p>

<p>For question 4, they are asking you to guess how much you can afford. Do not put down a number that will require your family to be destitute. Put down a number that seems reasonable to you.</p>

<p>Contributions to IRA's is listed on line 24 of the 1040.</p>

3

<p>
[quote]
The answers below apply if your parents filed a 1040 form last year. If they filed a 1040A, repost and I'll look up the info. If they filed a 1040EZ, then put "0" for all these answers except total tax paid.

[/quote]
</p>

<p>there's no 1040A but there's a 1040 NR for Jersey.</p>

<p>
[quote]
State and local income taxes should be on line 5 of schedule A (if your parents itemized thier deductions), otherwise you will have to hunt through thier tax documents for any state and local tax statements.</p>

<p>If you parents own real estate, the real estate taxes will be on line 6 of schedule A.

[/quote]
</p>

<p>There's also no schedule A. There's a schedule B though.
I'm looking at their W-2 Wage and Tax statement and there's a "State income tax". Should I just add my mother's and father's together?</p>

<p>
[quote]

Total itemized deductions is on line 37 unless your parents took the standard deduction described in the left hand margin of the form.

[/quote]
</p>

<p>line 37 I see "amount from line 36 (adjusted gross income)" But on line 39, it says "Itemized deductions (from schedule A) or your standard deduction(see left margin)" = 9,700 (because they're married filing jointly). So should Total itemized deductions just be zero since 9,700 is from standard deduction?</p>

<p>
[quote]

Earnings are going to be your W-2 income on the top line of the 1040 form.

[/quote]
</p>

<p>They asked for student earnings. I did an internship over the summer and havent filed taxes yet. Would it be before or after taxes then?</p>

<p>Also they ask for taxable income received from social security..I didn't see anything on the 1040, but when I checked the w-2 wage and tax statement, there's a "social security tips", "social security wages", and a "social security tax withheld". That wouldnt happen to have to do with taxable income received from social security, would it?</p>

<p>Thank you very much for the help!</p>