As state employees, we have two state-mandated retirement accounts. We cannot determine how much is taken out of each paycheck and it is not accessible for withdrawal. Whenever I fill out the FAFSA it is unclear whether or not it should be claimed as the W-2 numbers/classification do not line up with the FAFSA questions. It is very different than a voluntary contribution. Again, we don’t have a choice about what gets taken out. Does anyone else know how to deal with this?
FAFSA no longer asks about untaxed contributions to retirement accounts. What are you being asked to report that is tripping you up?
Oh, that’s interesting. I just always struggled with that since it never fit with the line on the w-2, but you would still be asked how much is in the retirement account. We haven’t even looked at the new one!
Part of FAFSA Simplification was to do away with a lot of questions related to anything not actually on the tax return. It should definitely make things easier for you!