funnyman

the colleges say to look for the income on my parent's tax forms, but which one do I look at: The income before taxes, or the income after taxes?

Anyone know?

sblake7

Read the FAFSA and Profile instructions for specifics. They'll want both total income, and Adjusted Gross income, as I recall.

Susantm

As you go through the FAFSA, it will say exactly which line on the 1040 to use.

somemom

The key number for determining finaid will be the adjusted gross income (AGI) on the bottom line of the front page of the tax return.

funnyman

for example, what do the UC's want? I can't find the AGI on the W-2 form

sblake7

You won't see AGI on that form-- you get AGI from their completed 1040 tax forms. The info on the W-2 will show gross income from that particular employer, along with taxes witheld and such. The 1040 for that year includes the W-2 info and some other info, and calculates the AGI. Tax forms for 2004 tax year should be completed for everyone by now. 2005 info isn't available yet since the year hasn't ended-- if they want 2005 info, it will need to be estimates based on 2004 numbers.

easydoesitmom

FAFSA website has "practice " worksheets that you can figure things prematurely using the 2004 tax forms . I suggest you figure Income estimate this way .