<p>FAFSA says I can use 2011's 1040 on the application but my dad's 2011's income was a lot different than 2012. </p>
<p>The application asks for 2012 income tax but how am I supposed to know that if my dad hasn't filed any taxes yet?? </p>
<p>Is income tax the same thing as FEDERAL W/H on his paycheck??</p>
<p>Thanks in advance</p>
<p>Until your dad file his 2012 tax returns, use 2011 tax returns to guess the 2012 tax information as best as you could.</p>
<p>I can’t do that because my dad only worked 6 months in 2011 and he payed no income tax for the year 2011.</p>
<p>There is a significant difference between 2011’s and 2012’s income.</p>
<p>Then use his last paystub and approximate the numbers.</p>
<p>Print off a 2012 1040. Get his 2012 W-2 form or his last paycheck of 2012. Enter his 2012 income and tax info on the 2012 1040. If he itemized on his 2011 taxes, use that to estimate for 2012. Do the tax return by hand - it’s not that hard - and you will have a decent estimate.</p>
<p>The W-2 is not here yet.</p>
<p>If I upload a picture of my dad’s paystub, could someone give me an estimate of income tax?</p>
<p>She said or his last paystub of 2012. That has the same info as the W-2, you just have to know which info on the paystub translates to which box on the W-2.</p>
<p>On his last paystub from 2012, look for YTD (year to date) gross taxable income. That’s your starting point. Then deduct out his deductions (use last year’s numbers, they should be close enough), and $3800 for each person listed on his tax return (exemptions). That will give you his taxable income. Use that number to look up the tax due based on his filing status. Those tables can be found in publication 17, which can be downloaded from the IRS website, or google 2012 tax tables. Then you subtract out any credits - again, see what he listed for last year, since this is just an estimate. He can claim up to $1000 per child for child tax credit - but only for those who were UNDER 17 at the end of the year, so you might need to adjust that number.</p>
<p>I would be extremely grateful if someone could tell me the estimated income tax.
My mom is a housewife, I am 18 and I have two siblings who are 15 and 12. </p>
<p>Thanks in advance</p>
<p>Here’s what I see:</p>
<p>$50,472 total income
$507 Federal taxes withheld</p>
<p>Plugging these numbers into [TurboTax®</a> TaxCaster - Free Tax Estimator](<a href=“http://turbotax.intuit.com/tax-tools/calculators/taxcaster/]TurboTax®”>Tax Calculator - Refund & Return Estimator 2022-2023 | TurboTax® Official) I calculate that with 4 dependents, your father would owe $1578 but get a $2000 credit on his taxes, resulting in a refund of $929. Did he get a refund last year too?</p>
<p>According to his accountant lodging should not be counted into his income. So his income should be 36,000.</p>
<p>Plug that into the tax calculator and see what you get. I show a refund of around $5000.</p>
<p>Does that mean the IRS is going to send back $5000?
So I should put 0 for income tax box in the FAFSA application?</p>
<p>Yes, if you have a negative number, as in a tax refund, you would enter zero.</p>
<p>Thank you so much. I hope the number both of us came up with is correct.</p>