I am confused what income to enter under Family Income (pg2 -Biographical Information). Is it the Gross Salary, or, Wages, tips, other compensation on W-2?
Does Bonus have to be added to the above as well since it can vary and be zero next year?
Please indicate, for the most recent tax year, your family’s gross income. Include both untaxed and taxed income:
Gross income is the total personal income (earned by the parents) or you, if you are not claimed as a dependent by your parent(s), before accounting for taxes or deductions. For instance, when our elder two filled out the application, only their father was working so we selected the income level for the one earner, plus the total of any other sources. When child 3 filled out application, I had earned income as well and we used the sum of our total combined gross income, plus the total of any other sources.
If any income was earned from investments, add that to the total. Including bonuses, which are likely included on your w2 from employer. Yes, count that, even if it may be zero the next year.
Also, as an example, if a parent receives child support payments, that is considered income and needs to be included in the total gross income. Child support payments are non taxable income. Add to the total any inheritance or royalties.
So, in essence, they are asking you to tally up all of your gross income from all sources and select the corresponding option.
Thanks, I assumed that’s what they were asking for. In any case even if the figures are off, they will get the exact numbers from FAFSA which uses the IRS retrieval tool.