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help with penn financial aid form

munkeegirlmunkeegirl Registered User Posts: 801 Member
edited December 2005 in Parents Forum
Okay since the Penn forum isnt giving me any help and I see the Cornell thread below is, I'm gonna ask for some help. (My parents don't speak English so I have to do this myself)

http://www.admissionsug.upenn.edu/forms/Dom6.pdf
^^the form for reference.

How do you find the answer for number 12 about taxes paid in 2004? I cant find it on the 1040. It asks for State and local income taxes, real estate taxes, total itemized deductions (what does that mean?)

There are columns for info for 2004, 2005, and 2006. I only have the 2004 tax forms. How am I supposed to fill out for 2005 AND 2006??

Should I put my earnings after tax or before?

For question 4, estimated resources. It said "list the amts you expect to contribute toward your educational and living expenses for 2006-2007 from these sources. Do not include anticipated financial aid." Are they asking us to find our EFC? or just guess on how much we can afford?

It also asks for contribution to IRAs, I have no idea how to say that in Chinese (don't really know what that is either) but on the tax forms I see on 15a "IRA distributions" that there is nothing. Does that mean it's 0 for contribution to IRAs?
Post edited by munkeegirl on

Replies to: help with penn financial aid form

  • scottaascottaa Registered User Posts: 1,037 Senior Member
    The answers below apply if your parents filed a 1040 form last year. If they filed a 1040A, repost and I'll look up the info. If they filed a 1040EZ, then put "0" for all these answers except total tax paid.

    The answer to taxes paid (#12) is on line 63 on the second page of the 1040.

    State and local income taxes should be on line 5 of schedule A (if your parents itemized thier deductions), otherwise you will have to hunt through thier tax documents for any state and local tax statements.

    If you parents own real estate, the real estate taxes will be on line 6 of schedule A.

    Total itemized deductions is on line 37 unless your parents took the standard deduction described in the left hand margin of the form.

    Estimate the 2005 and 2006 numbers based upon the actual 2004 taxes.

    Earnings are going to be your W-2 income on the top line of the 1040 form.

    For question 4, they are asking you to guess how much you can afford. Do not put down a number that will require your family to be destitute. Put down a number that seems reasonable to you.

    Contributions to IRA's is listed on line 24 of the 1040.
  • munkeegirlmunkeegirl Registered User Posts: 801 Member
    The answers below apply if your parents filed a 1040 form last year. If they filed a 1040A, repost and I'll look up the info. If they filed a 1040EZ, then put "0" for all these answers except total tax paid.

    there's no 1040A but there's a 1040 NR for Jersey.
    State and local income taxes should be on line 5 of schedule A (if your parents itemized thier deductions), otherwise you will have to hunt through thier tax documents for any state and local tax statements.

    If you parents own real estate, the real estate taxes will be on line 6 of schedule A.

    There's also no schedule A. There's a schedule B though.
    I'm looking at their W-2 Wage and Tax statement and there's a "State income tax". Should I just add my mother's and father's together?
    Total itemized deductions is on line 37 unless your parents took the standard deduction described in the left hand margin of the form.

    line 37 I see "amount from line 36 (adjusted gross income)" But on line 39, it says "Itemized deductions (from schedule A) or your standard deduction(see left margin)" = 9,700 (because they're married filing jointly). So should Total itemized deductions just be zero since 9,700 is from standard deduction?
    Earnings are going to be your W-2 income on the top line of the 1040 form.

    They asked for student earnings. I did an internship over the summer and havent filed taxes yet. Would it be before or after taxes then?

    Also they ask for taxable income received from social security..I didn't see anything on the 1040, but when I checked the w-2 wage and tax statement, there's a "social security tips", "social security wages", and a "social security tax withheld". That wouldnt happen to have to do with taxable income received from social security, would it?

    Thank you very much for the help!
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