<p>College is asking for W2 or Schedule C for my dad.</p>
<p>My dad is retired.
He doesn't work so he doesn't have either.
Just has Social Security.</p>
<p>I made a mistake on the FAFSA, I divided my parents income since they filed together.
And was I supposed to put something for Social Sec in the FAFSA?</p>
<p>Am I screwed?</p>
<p>What do you mean you divided their income?</p>
<p>If he does not work just tell them that and that he does not have a W2. My husband is retired and does not have a W2 so when we are verified we just let them know that. If the social security income is taxed then any part of it that is taxed has to be reported on FAFSA as part of the AGI. If it is not taxed then it does not have to be reported. (it is taxed if other income goes over a certain amount).</p>
<p>If you have two parents, the financial aid officer will expect to see a combination of W2 income that equals line 7 on your parents’ 1040 and/or business income on Schedule C (if one was filed) that equals the amount reported for business income on the 1040. If there is some reason the income is going to be split apart (death or divorce), the W2/Schedule C info is used to split the income. If mom had income reported on line 7 or business income, you would need to provide the W2/Schedule C so that aid administrator will know that it was mom’s, not dad’s.</p>
<p>I took the total income and divided by 2.
But I was supposed to just set the total as my mom’s income.
And put 0 for dad.</p>
<p>And something with social security benefits.</p>
<p>Relax. Just give them the W2 and you’ll be set. The financial aid office will make any changes to the FAFSA that are needed. Hopefully, the changes will be in your favor.</p>