<p>Hi all. Is untaxed income money I’ve received that I haven’t had taxes taken out from yet but I’ll have to pay taxes on – or is it money I’ll never have to pay taxes on? My parents received a bequest in 2010 and am wondering whether I have to put it under the untaxed income on the CSS. They had to use it fix the roof so it’s gone. When I went on one of the Ivy’s financial aid estimator and plugged it in under untaxed income, it took our expected family contribution from manageable to impossible.</p>
<p>Untaxed income is income from sources that are typically not subject to taxation - inheritances generally fall into this category, as does child support, tax-exempt interest earnings, contributions to retirement accounts, etc. Unfortunately, it must be reported even though the money has already been spent on other things.</p>