IMPORTANT question

Parents Forum
1

<p>On your 2005 taxes, what line # on Form 1040 do you look at to answer the FAFSA question "Parents' U.S. Income Taxes Paid." Some help would really be appreciated, because there are many lines with different taxes #'s and I don't know which line to use.</p>

2

<p>That depends on their source of income...are they employed by a firm or are they self-employed?</p>

3

<p>My father had self-employment tax but I think he was unemployed and my mom is employed by a company (or firm, I don't know the difference). So what lines should I look at?</p>

4

<p>I wrote down the # on the "Total Tax" line. Was the right?</p>

5

<p>do I include self-employement tax in the "Parents' U.S. Income Taxes Paid?" question</p>

6

<p>I am self-employed and make estimated tax payments throughout the year and the total amount I paid is entered on Line 65. However, if your mother is employed by a company (same thing as a firm :) ) which withheld federal income tax, that amount would be entered on Line 64.</p>

7

<p>I am self-employed and make estimated tax payments throughout the year and the total amount I paid in estimated tax payments is entered on Line 65. However, if your mother is employed by a company (same thing as a firm :) ) which withheld federal income tax, that amount would be entered on Line 64.</p>

8

<p>No, you don't include self employment tax, unfortunately. Those are not considered "income taxes"- but rather are the equivalent of FICA withholding.

[quote]
36. Income tax. Enter your (and your spouse's) 2005 income tax from IRS Form 1040 — line 57; 1040A — line 36; or 1040 EZ — line 10. Do not copy the amount of federal income tax withheld from a W-2 Form. Do not include any FICA, self-employment, or other taxes. If you did not pay any income tax for 2005, enter zero (0).

[/quote]
Source: <a href="http://studentaid.ed.gov/students/publications/completing_fafsa/2006_2007/ques3.html%5B/url%5D"&gt;http://studentaid.ed.gov/students/publications/completing_fafsa/2006_2007/ques3.html&lt;/a&gt;&lt;/p>

9

<p>calmom's right, unfortunately for us self-employed :)</p>

10

<p>It's line 57. This is the total income tax owed. The lines below it tally up other taxes that the IRS collects such as SE tax.</p>