Estimating taxes for CSS/PROFILE?

chirichimes · 10-12-2009, 12:33 PM

I have to submit the 2010-11 CSS/PROFILE for the early decision deadline of Nov. 1, but I have no idea how to estimate my parent's 2009 taxes! While I know all of my mom's data will be about the same, complicating the matter is my dad thinking about filing as retired next year. How can I estimate this?

kelsmom · 10-12-2009, 02:29 PM

Not sure what you mean by "filing as retired." You'll have to expand on that. Remember, you are using the income info from 2009 for 2010-11, so he has to use his income earned this year.

vballmom · 10-12-2009, 02:33 PM

You can use an online estimator to give you an idea. Here's one:

2009 Federal Income Tax Estimator - Financial Calculators from CalcXML

Find out your parents' itemized deductions for 2008 and use that figure if their situation hasn't changed in 2009 (their mortgage interest is usually a big part of that number).

entomom · 10-12-2009, 04:51 PM

Agree with kelsmom's points. Retirement doesn't affect filing status. It affects the amount of income and where the money comes from (earnings vs. retirement accounts or pension), but since you are using 2009 numbers, you shouldn't have to estimate too much.