Very perplexed. I received my W-2 this morning and wages (line 1) is nearly $8K lower than what my total earnings shows on my last check stub. SS and MC wages are slightly higher ($2K) leaving still $6K difference. This is significant, a 20% difference ($41,300 vs. $33,500) and I want to make sure the colleges get the corrected information before award packages are determined. CPA will be working on our taxes next week, should I wait? I overestimated business income by $1500 as well. At the least, I think I’ll take a look at EFC and NPC again to see what kind of difference it makes.
When using the last pay stub to estimate, you need to subtract from gross income any pre-tax items such as contributions to medical/dental insurance and retirement plans to get what will show on the W-2. Any pre-tax retirement contributions do have to be reported on fafsa in the question that asks for them.
And that pretty much sums it up, I didn’t take them out of the bottom figure. That is the $6K difference, thanks. When checking the Profile, they ask for the 1040 line 7 # which is $6K lower than what I reported and of course skews the AGI number as well.