NAIS SSS question for self-employed

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1

<p>I'm a first-time filer of the NAIS SSS. MY DH owns a business, which is a sole proprietorship, and files taxes using schedule C with the net profit going to line 12 of our 1040. </p>

<p>For line 7A-7B the instructions state: "If you own a business or farm, do NOT include profit/loss from the business; only include any salary you pay yourself. You will enter business profit/loss in Question 7I.)"</p>

<p>He does not formally pay himself "salary" out of the business and does not have any employees. (Line 26 of schedule C, "wages" is 0). But realistically the entire profit of the business constitutes my husband's earning for the year. So I could reasonably interpret line 7A/B as requiring us to put the full profit from the business both there and 7I. But I suspect that the correct thing is to put 0 for my husband in A/B and put the full profit in 7I only. My assumption is that we don't want to double-report profit in 2 places (first as salary and then as profit) and if he formally took a salary out of the business, the profit would be reduced by the amount of his salary.</p>

<p>But anyhow, I'm betting that several people here have been through this, so I'm hoping someone knows for sure and can clarify. </p>

<p>Thanks in advance!</p>

2

<p>You are right that you should put 0 for salary and enter the profit in 7I, as per the instructions. </p>

3

<p>Thanks for reassuring me that I was reading that correctly.</p>

4

<p>Another SSS question – on the page where it asks for your 2013 and expected 2014 tuition expenses for the applicant, we don’t know the 2014 expenses because we don’t know how much aid they will give us. This is our first time applying for aid (we’ve been full-pay, but will have 2 in college also, so are stretched thin) so I don’t even have a guess. How do folks handle that part? We don’t have our financial aid packages for the other two yet either, but I at least have a good idea based on NPCs and prior experience.</p>