So my parents fie jointly using form 1040 and their total income is listed there. But here’s the thing…
My father also files corporate/company taxes for his small business using form 1120, and he claims that it is separate from this personal taxes and should not be included in his yearly income on the CSS profile. I’m super confused as to whether or not I need to include it. And I also can’t find much info on this online.
Any help is greatly appreciated! Thank you!
I am not really familiar with CSS profile, but it might depend on the school whether they want the business tax return, in addition to the individual tax return.
So you might need to ask each school.
1120 or 1120S?
@Madison85 1120
It’s says “form 1120” at the bottom of each page
@Monkey288195 Hi: If you complete the section on your Profile that your family owns a business, then you’ll need to upload the 1120. Also, the income reported by your dad on Profile should match what he reported on his 1040 (because the school will be asking for you to upload that as well).