<p>it asks u your total income tax, and it says to look at line 57 on the 1040 form, but on the 1040 form line 57 is "self-employment tax" under "other taxes." It seems like it sould be line 56, which lists the total income tax. is this just a typo?</p>
<p>by the way, im using the 2004 tax returns. is this the wrong form?</p>
<p>Yeah-- refer to the 2005 1040 form. Line 56 on the '04 is the same as line 57 on the '05:</p>
<p><a href="http://www.irs.gov/pub/irs-pdf/i1040.pdf%5B/url%5D">http://www.irs.gov/pub/irs-pdf/i1040.pdf</a></p>
<p>But you should be able to work through it on last years taxes and use them as estimates, until you have this years taxes done.</p>
<p>so my paretns don't have to file their 2005 1040 form now before i fill out the FAFSA?</p>
<p>No. Fill out the FAFSA in time to meet your colleges' deadlines (before the first deadline). Estimate using '04 tax return, adjusted as necessary to reflect any significant changes for '05.</p>
<p>Then after your parent's taxes (and yours if you file) are done for the '05 tax year, you correct the FAFSA online and insert the accurate numbers.</p>
<p>One of the FAFSA questions asks whether you're estimating pending completion of '05 tax returns.</p>
<p>how should i "estimate" this 2005 and 2006 figures not only for Fafsa but also for CSS profile? is there advantage to reporting lower, etc, ie what's the strategy?</p>
<p>If your parent's finances were similar in '05 to '04, no major changes, you can use the '04 numbers as an estimate for '05, and for '06 estimate. Adjust to compensate for any significant changes. But it's just an estimate-- they know it won't be precise.</p>
<p>I'd suggest that you estimate slightly in your favor-- be conservative on income estimates, and liberal on expense estimates-- so if your off, it will be somewhat in your favor. Better to start with a lower EFC (and therefore a better preliminary financial aid package) than the other way around. That way they can reduce the aid package if they want to, but you won't have to beg them to increase it after you have the final numbers.</p>
<p>Use the same numbers for Profile.</p>
<p>thnx sblake7, i apreciate it.</p>