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There are separate lines for parent income and kid income. Kid income from work is counted. 401K contributions are counted in the year the income is earned and placed in the 401K, but whatever is in the 401K is not an asset for FAFSA purposes. Look at the books listed in the "Financial Aid" section of the College Confidential website, some of them are very informative; just make sure you have the most up to date edition.
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