FAFSA EFC exceeds income

mommdc
Mon, 19 Feb 2018 16:19:07 +0000

You report the income from the 2016 tax return, that can be done via FAFSA IRS data retrieval tool and then you input income from work for parent 1 and 2 manually.

You report untaxed income of child support received in 2016, you report pretax 401k contributions that your parents made to their 401k in the year 2016 (not the total balance in the 401k account for FAFSA). That number can be found on their 2016 W2 in box 12.

You do not change the amount of assets in bank accounts and investments that you reported when you first filed FAFSA. Only if the number was an error. If your balance decreased because you spent the money in the meantime, you cannot now use the lower number.