<p>Is my parents' income estimate on the FAFSA suppose to equal their adjusted gross income on the tax form?</p>
<p>Thanks.</p>
<p>I’m not quite sure what you’re asking. Are you filling out your 2009-10 FAFSA (for fall 2009)? If so, you should be using your parents’ 2008 tax form. If they won’t have their taxes done before you need to have your FAFSA on file, you can estimate using their 2007 taxes. You will have to update the numbers after your parents file, and your estimated aid awards could change if the income info changes significantly from the estimate. Follow the instructions to find out where to find the info on the tax form. Income from work is not always the same as AGI (many people have adjustments to income that are made prior to computing AGI - look at a tax form & you’ll understand). “Income” include wages/salaries/tips (line 7 on 1040), business income (line 12), and farm income (line 18).</p>