help with penn financial aid form

scottaa
Sat, 31 Dec 2005 10:29:56 +0000

The answers below apply if your parents filed a 1040 form last year. If they filed a 1040A, repost and I’ll look up the info. If they filed a 1040EZ, then put “0” for all these answers except total tax paid.

The answer to taxes paid (#12) is on line 63 on the second page of the 1040.

State and local income taxes should be on line 5 of schedule A (if your parents itemized thier deductions), otherwise you will have to hunt through thier tax documents for any state and local tax statements.

If you parents own real estate, the real estate taxes will be on line 6 of schedule A.

Total itemized deductions is on line 37 unless your parents took the standard deduction described in the left hand margin of the form.

Estimate the 2005 and 2006 numbers based upon the actual 2004 taxes.

Earnings are going to be your W-2 income on the top line of the 1040 form.

For question 4, they are asking you to guess how much you can afford. Do not put down a number that will require your family to be destitute. Put down a number that seems reasonable to you.

Contributions to IRA’s is listed on line 24 of the 1040.