Important- Profile questions? Call Collegeboard

Paying for College
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<p>I recently posted a laundry list of questions regarding some items on the Profile. I got some great responses and advice. I "finished" filling out Profile and decided to call Collegeboard just to verify some things. BOY, AM I GLAD I did!</p>

<p>Example- mortgage payment. They are only talking about P&I. I even called college D has applied EA to and they gave me conflicting info. Profile does not want escrow payments included (insurance & tax)</p>

<p>Unemployment insurance payments- Husband recently lost job and is receiving unemployment. This is listed in so many different places on the Profile, I couldn't believe it! Found out that the first $2400 is untaxed and therefore is broken out of the total received or any one year and is reported differently, etc.....</p>

<p>So please call Collegeboard to make sure you all are filling out the Profile correctly- 305-829-9793.
The woman I spoke with was very patient and knowledgeable. And the questions I had could not be found in the Help sections of the actual Profile form.</p>

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<p>thanks for the info- what is P & I?</p>

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<p>principle and interest</p>

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<p>Yes I realized that as soon as I posted- thanks. :o</p>

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<p>the phone number mentioned above is out of service. anyone know what the css support number is?</p>

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<p>upstatemom,</p>

<p>Could you please elaborate on this one? I am confused. </p>

<p>

</p>

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<p>arutha, when you get a stmt from unemployment at the end of the yr for total UC, you would put that amt less 2400 in the income tax form. This amt is reported in css, too.</p>

<p>THEN, in css, it asks you to put that 2400 in another spot on the css.</p>

<p>Let me see if I can find the spots.</p>

<p>PI-125e = place where UC goes (less 2400)</p>

<p>Now I need to find out where that 2400 goes on css - anyone?</p>

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<p>roderick,</p>

<p>I wasn’t sure if that’s what upstatemom meant.</p>

<p>The $2400 will be reported under PP-115W6 (all other untaxed income and benefits).</p>

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<p>this is a quote from an email from the css support person on this subject…</p>

<p>

</p>

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<p>For 2009 only the first $2400 of unemployment was not taxed, but in 2010 I believe it is all taxable.</p>

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<p>

</p>

<p>can you cite your grounds for this stmt?</p>

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<p>You should definitely confirm with your own tax preparer, but I got the information on the California Employment Development Department website:</p>

<p>[FAQ</a> for 1099G](<a href=“Form 1099G: Taxable Unemployment Compensation FAQs”>Form 1099G: Taxable Unemployment Compensation FAQs)</p>

<p>"For tax year 2009, the first $2,400 in unemployment benefits was not taxable by the Federal Government. Does this rule apply for the 2010 tax year too?</p>

<p>“No. The American Recovery and Reinvestment Act (ARRA) states that the first $2,400 of unemployment benefits an individual receives in 2009 will not be taxed by the federal Government. This provision only applies to unemployment benefits received in 2009. It does not apply to unemployment benefits received in 2010. Additional information is available at: [Internal</a> Revenue Service](<a href=“http://www.irs.gov%5DInternal”>http://www.irs.gov) to assist you in completing your federal tax return. If you are filing your 2009 taxes, please note that the 2009 Form 1099G will report the total unemployment benefits you were paid in 2009, including the first $2,400.”</p>

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<p>thanks, cal; great citation.</p>

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<p>roderick,</p>

<p>You are right. PP-115W6 is for 2009 benefits.</p>

<p>Is 1040 form for 2010 available yet? I checked irs, it still shows 2009 form.</p>