FAFSA Expert Help Please! Newbie hoping we did it correctly!

SactoMom21
Fri, 02 Oct 2020 05:15:05 +0000

Hi everyone, this is the first time helping our son do his fafsa, as we have never done one in the past, he is a senior this year. We tried using the data retrieval tool …several times…and it wouldn’t work. So I had to manually input everything. Two things threw me for a loop. First was the question about “adjusted gross income”. It said to use the income listed on our form 1040 line 8b which I did, however I was under the impression that it would use our income amount after the standard deduction (line 9) was subtracted to calculate our EFC and aid amount. Does it take the standard deduction off the gross I reported in the formula used when they process fafsa or did we enter the wrong amount from our tax returns?

Another thing that bothered me was that I was never asked about cash, checking balances on hand etc. In the parents financial section. Only in my son’s financial section was it asked. The form ended with no more financial questions after asking if our “total assets exceeded $7,300?” On the summary page before signing, it showed those questions but they were greyed out and not clickable.

Hoping someone can ease my mind on these two things…and that we didn’t do it wrong. ?