<p>Hi</p>
<p>I read Paying for College Without Going Broke a few years ago, and per the author’s recommendation, I have been fully funding our IRA every year (previous to that we just had the money in savings).</p>
<p>Our 2005 income is such that we don’t need the tax deduction for the IRA. We are mainly funding the IRA for financial aid purposes.</p>
<p>So for the FAFSA/Profile, when it asked “IRA deductions and payments to self-employed SEP, SIMPLE, and Keogh and other qualified plans from IRS Form 1040 - line 28 + line 32” (worksheet B) I put down $8000 because that is the amount that we contributed to our IRA in 2005.</p>
<p>But now, I am thinking I did that wrong as our 2004 tax statement shows that we left line 28 and 32 blank (as we didn’t need to fund our IRAs last year in order to get a tax deduction but we did it anyway).</p>
<p>My husband thinks I over stated our income by $8000. Was I supposed to put $0 for that question? If yes, am I supposed to put our IRA contribution somewhere else?</p>
<p>Any insight would be appreciated, and thanks.</p>