CSS Profile messed up my financial aid

intparent
Thu, 14 Apr 2016 04:42:20 +0000

The way it works is that the S-corp’s income is reported as income for the owner on a K1 and goes on the owner’s personal return, whether the owner took the money out of the corporation or not. The owner usually COULD take it out if they choose to (I could with my S-Corp). I don’t know the circumstances under which a college FA department will decide to disregard that income in their calculations, though.