<p>When it asks for the 2006 student income taxes, am I supposed to guess? I have never filed taxes before so I have no idea what to put.</p>
<p>If you've never worked before/never payed taxes, then just put zero for all of the blanks, right?</p>
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If you've never worked before/never payed taxes, then just put zero for all of the blanks, right?
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<p>But I have worked before (and still am), but I've never done my taxes before. I'm supposed to guess for the 2006 taxes (right?), but I have no idea what to put on each line.</p>
<p>Just put 0.</p>
<p>CSS PROFILE=pain in the ass+costs $$$</p>
<p>You should estimate. Use last years tax forms as a guide. Actually if you did not file last year then your taxes probably (but not for sure) were zero.
The bigger pain is likely your parents estimating their taxes for 2006.
Yes the Profile is a hassle but if you want finaid you have to do it (for certain schools).</p>
<p>yep.. otherwise ull get in deep ... manure for not reporting or summat</p>
<p>Dammit. Ok. </p>
<p>Is it true that you're only supposed to file taxes if you have been working for at least six months? If you do, then I guess I'll just put zero for every entry (for my taxes).</p>
<p>thanks</p>
<p>My dad basically wanted to strangle himself after doing the profile. Took my family an hour. Plus he still has the profits/loss/business thing.</p>
<p>Not a very happy camper, my dad.</p>
<p>well, it does suck</p>
<p>After the CSS... it confused Tufts so much... They thought I owned 3 houses and killed me over in aid... even though I own only one</p>
<p>apparently we own a farm....who knew...</p>
<p>do you only fill out the CSS profile after u are accepted? im applying to like 5 schools that use it, but i wont be accepted at all 5. why should i pay to file a form they will toss out since they dont care about the finances of a rejected student.</p>
<p>There are submittal deadlines for the Profile and other financial aid information just like there are for applications, and no, they are before acceptance not after. Why should you pay the CB more money, to support them of course :)</p>
<p>what you can do is submit the css profile to your early decision school (if you have one) and wait for the december response before submitting the css profile to your regular decision schools. if you get in early, then you will save the cost of sending the profile to the other colleges.</p>
<p>So does anyone know if I will have to file the income taxes for 2006? I've only been working for about three months.</p>
<p>If I do, what should I put in the CSS PROFILE for MY income taxes? Just 0's all across the board? Keep in mind that I've never filed income taxes before so I have no idea of what goes on each entry.</p>
<p>Any help appreciated :)</p>
<p>It is not how many months you worked, it is the total you will earn by Dec 31, 2006, that determines your tax. Easy way (but likely to overestimate): Look at your W-2 form and see how much taxes are being taken in each paycheck. Multiply by the number of paychecks you will get in the whole year 2006. Report that as your income tax.</p>
<p>withholding tax is not necessarily the same as income tax... it is quite likely that you will not owe any income tax and that your withholding will be returned to you if you are not earning much money... i'm not an accountant, but when my son worked in the summer of 2005 he earned approx $1600 and didn't owe much at all and his withholding was mostly returned to him... just make an estimate of how much you think that you will earn, then make a low guess on how much income tax you will pay... you will be filing a corrected version of the CSS Profile (by mail) to the college where you eventually decide to go anyway... the estimates are just estimates... unless you owe income tax on earnings other than your part-time job, then it will not be a significant factor that determines how much financial aid you will be receiving anyway.</p>
<p>With that question that asks how much we think we'll get in scholarships/grants this year, is it better to estimate zero or an actual # (i.e. will it screw me over w/financial aid if I put zero on there, because I honestly don't know)?</p>
<p>We only listed the scholarship we already know about (Discover Card Award) coz no one can really count on winning - too much competition out there. </p>
<p>Read the college websites - some state exactly what will happen with outside scholarships. Some use it to replace student's cost first - some remove loans before taking away college grants. But they expect parents to pay EFC (will reduce the college grant, unless the outside scholarships cover the entire cost of tuition, R&B).</p>