Help please. EFC changed from 667 to 2371?

kelsmom
Fri, 28 Jun 2013 21:05:28 +0000

That is a possibility. If the 1099 income was used in calculating the Schedule C number that is put on line 12 of the 1040, that income is most likely less than the income on the 1099 (due to deductions). Only the amount on line 12 can be considered income from work. There would have been no W2 to provide if the only income is business income. What you should have been asked to provide was your Schedule C - the reason for this is to see if one or both parents are listed (because there is an allowance for two working parents that is higher than the allowance for one working parent, the school will check to see if it’s mom, dad, or mom & dad earning the business income).

What is the amount on your parents’ 1040 on line 12? Is there any amount on line 7? Look at your FAFSA online - you will be able to see the school’s changes. Is the total of the income from work that is listed on the FAFSA (questions 86 and 87) the same as the total of line 7 plus line 12 on the 1040? It should be. Is there a number for both question 86 and question 87? If not, do both parents work, or does just one work?