<p>I did not file taxes in 2012, but started working since this year’s summer. How do I fill in this section? Can I just put 0 for all of them?</p>
<p>No you can’t put zero…because your income in 2013 was NOT zero. You should use the best possible estimates available to you for income for the full 2013 calendar year. If you have a recent pay stub…look at the year to date…then add on what you will earn between now and December 31.</p>
<p>Okay, how do I use my pay stub to fill in this section? I don’t know which number goes where…</p>
<p>I hope that you’re not planning on being a finance or accounting major…</p>
<p>Do you have a year to date (YTD) figure on your latest pay stub for gross pay? Add that number to however much you are projecting in gross pay for the rest of the year since the work period that your last pay stub covers. That’s your estimated 2013 gross pay.</p>
<p>[Who</a> Must File a Return ? Federal Tax Guide ? 1040.com ? File Your Taxes Online](<a href=“http://www.1040.com/federal-taxes/filing-basics/who-must-file/]Who”>http://www.1040.com/federal-taxes/filing-basics/who-must-file/)</p>
<p>It depends on how much gross income you will be making this year. For example, if you are single and if you make more than $9,750 a year gross income (before taxes), then you have to file a tax return. If you make less than that, then you don’t have to file a return and yes you would put 0 on the CSS form.</p>
<p>^^^
Maybe a zero for the projected 2013 income tax to be paid (depending on the amount of income earned), but certainly not a zero for the estimated 2013 gross income or AGI.</p>
<p>Ruby…wrongo about the income line on the Profile. They don’t CARE if you owe taxes on your income or not. You still have to LIST the income on the Profile.</p>
<p>P.S. the student income will be needed on the FAFSA as well.</p>
<p>If the student had taxes withdrawn from her pay she may have to file Tax Return to get them back.</p>
<p>So for income tax I have to pay in 2013, do I add together the deductions (social security tax, medicare tax, federal income tax, ND state income tax)? What does it mean to itemize deductions? What is the difference between the adjusted gross income and the income I earned or expect to earn? What the heck is a taxable dividend and interest income?</p>
<p>MiddKid86, Ironically, I am the treasurer for my high school’s Key Club. :P</p>
<p>Right now you are concerned with filling out the estimated PROFILE. You use the gross income figure from your last pay check and estimate what you will have earned by the end of the year. Don’t worry about your taxes yet. Get this done. It’s an estimate only, and the financial aid will be an estimate based on that estimate, adjusted when the real numbers are available. For the income tax, if any that you may have to pay in 2013. first look at your expected annual income. Are you even going to owe taxes? How much do you think you will make in 2013? I haven’t looked at a PROFILE in a long time now, so I don’t know for sure what taxes it takes out of gross income. I don’t want to give you incorrect information. You need to read the directions, line by line. This will be useful to you when you fill out FAFSA with the actual W-2. </p>
<p>When you file your taxes, you will get a W-2, and you follow the directions for the tax form you need to fill it out, to see if you even need to file. The W-2 will specify what income is needed to be reported on your tax return. If you did not have taxes withheld, and you earned under a certain amount, you may not even have to file.</p>
<p>How much did you calculate you will earn this year from working? Will your parents be claiming you as a dependent on their tax return? Probably, so if the income you calculated is less than $6100 you won’t owe any federal income tax.</p>
<p>If you own stocks or mutual funds you might receive dividend payments during the year and they are taxable. It isn’t likely this is the case. Do you have any savings accounts? They earn interest that is taxable. If you have savings account(s), look at your last statement or look at your account(s) online to see how much interest they have earned YTD and project for the entire year.</p>
<p>For a young person who can be claimed as a dependent on their parents’ return, AGI is generally the same as gross income, that is, income from work plus any dividend or interest income. Don’t worry about itemized deductions in the student section, they won’t apply to you.</p>
<p>Thank you everyone! I was able to finish the CSS. Whew…</p>
<p>You are a dependent student, are you not? Did your parents fill out their own section and leave you to fill out yours? Or are you an independent student?</p>
<p>My parents are unfamiliar with the Profile, so I had to do it.</p>