FAFSA and small business??

kelsmom
Tue, 02 Feb 2016 16:47:20 +0000

You won’t report the value of a family-owned business with fewer than 100 employees. When you are asked about income from work, you have to sum lines 7, 12, and 18 of the 1040 form and box 14 [code A] of Schedule K-1 (Form 1065) as an option for determining the income earned from work. That is an area where business owners sometimes do things incorrectly & end up selected for verification (because the reported income from work, AGI, and taxes paid might not seem “quite right” to the computer program that looks for that sort of thing). That’s about all I can think of that might be something for a business owner to think about for FAFSA.