Income Tax Help on Fafsa?
Hi, I'm filling out a FAFSA and I'm on the income tax part for my parents. The total tax was 2300 and the federal income tax withheld from Forms W-2 and 1099 is 6,211 so the refund is 3,911. What would I put for the amount for income tax paid? Thanks in advance.
- Anonymous1 decade agoFavorite Answer
I assume that you are looking at their tax return for April, 2006, i.e. their 2005 return. If they paid the federal government $6211, but got back $3911, then the amount of income tax they paid is $2300.
Incidentally, a great book for anybody who wants to know the latest information about college financial aid is "Paying for College without Going Broke". The laws change constantly so buy a new edition every year, or get it from your public library. Another book I tell everyone about is "College.edu". It's a list of websites on all aspects of the college application process.
You should also have your parents' final pay stubs from 2006. Use these to fill out estimated figures for income and taxes paid in 2006. Don't wait until they finish their return in March or April to submit your FAFSA. By then colleges will have allocated most of their financial aid to other applicants. GET YOUR FAFSA IN BY JAN 31st. Sorry if it sounds like I'm shouting, but I meet SO many students who miss out each year.Source(s): For the last 10 years I have been buying these materials for the public library where I work as an adult services reference librarian.
- mijarezLv 44 years ago
i might do the taxes first... then do the fafsa. because of the fact the quantity listed on your w2 it fairly is "withheld" isn't the comparable as what you paid that 12 months. (which isn't the quantity of the verify you despatched in once you filed)