<p>We need to update the original FAFSA submission based on actual amounts of the 2004 tax return.</p>
<p>It says to enter the amount of income taxes paid (line 56 of form 1040). We owed on our taxes this year. Do we enter the TOTAL amount of taxes we will pay for 2004 (what we paid in + what we owe) on that line? or just what we paid in already. It seems we would enter what the TOTAL amount of taxes for 2004 would be (line 62), since we are paying the additional amount now eventhough we didn't pay it throughout the year.</p>
<p>Enter exactly what it says on that line only. That line, only that line, and the entireity of that line.</p>
<p>The FAFSA asks for exactly what it wants; don't substitute lines, don't subtract what you haven't paid, don't add what you paid extra, nothing. Just follow the directions exactly.</p>
<p>Edited to add: Emphasis/repetition necessary to express my bitterness with the exclusion that leaves out self-employment taxes paid.</p>
<p>That just doesn't seem right! Had we taken out the correct amount of taxes during the year we would have paid a couple thousand more than what it shows on that line since we now owe that much due to incorrect deductions on my paycheck. </p>
<p>So, if someone takes out too much during the year and ends up getting a refund it shows they paid out more than what they actually did for the year (b/c they are getting some of it back)</p>
<p>And you're right....what about those with self-employment taxes?! </p>
<p>I guess I don't understand it either and not sure I want to go back and see how I handled that line. Is it to your advantage to show that you paid more or less taxes as far as EFC is concerned?</p>
<p>I would think that you should enter the total amount of taxes that you owed....including the shortfall you had to send in, or excluding the excess that was refunded to you.</p>
<p>When I've had questions about the FAFSA that were not answered by the online line-by-line help feature, I called the phone number and after a brief wait, was connected to a very courteous operator who explained exactly what I needed to know. </p>
<p>I don't know if it would be harder to get through now than when I called in early January, but I'd give it a try if I were you.</p>
<p>[BTW, our SAR showed only our amount from line 56 and didn't include my SE tax or any other taxes paid either. ]</p>
<p>I looked at my form 1040, and line 56 is taxes owed. It is NOT taxes already paid; that is a later line. It is the total amount of taxes you will pay, including any already paid plus those you must also pay by April 15, OR taxes already paid minus any refunds. It IS the correct amount to enter. The only things not included would be things like self-employment taxes, which you pay if you have your own business, and other things like that.</p>
<p>So just put down what they want. It is what they want to know.</p>
<p>That's my understanding too. Line 56 comes from the appropriate tax table. Then you reconcile with what was actually withheld and owe or get a refund.</p>
<p>jscmom,
I am in the same situation as you. FAFSA wants line 56, Total Taxes. The additional taxes of lines 57-61 are not included. In my case I am self employed and have to include Schedule SE and a large tax burden on line 57. This is not included on FAFSA. I feel this is unfair to an extent, I do realize that a lot of this tax, not all, is the social security tax that a W2 employee would have deducted and then not included on FAFSA either. In the end somewhat fair.</p>
<p>I don't know anything about where the SE tax money goes, but I do know that 1/5th of my dad's income is paid there (verus the 1/25th reflected on line 56) and it's as if it never went anywhere. The distinction is that he's self-employed, but does not own a business, a difference which means his deductions are few and far between, thus leaving a very large number to pay come tax time. All of this goes uncommented on the FAFSA, and thus UCSC screws me come fin aid time.</p>
<p>... Right. Like I said before, bitterness. :P</p>
<p>Anyway, my point from above (which was lost when my post didn't, well, post earlier today) was that you should ONLY write what the FAFSA asks for, regardless of what you think about it. If it asks for the number from line 56, you write the number from line 56 without any alterations.</p>