"Untaxed income" for CSS profile

Paying for College
1

<p>I’d really appreciate it if someone could confirm or correct my understanding of how to report income on the profile. After reporting AGI from our tax return, we should report as “untaxed income” actual or estimated contributions to an IRA, a retirement plan with my employer, and any amount we expect to put in a dependent care plan (which we’ll start in 2008). Is that correct? I know there’s a limit on IRA contributions, but does anyone know if there’s a limit on the amount of retirement contribution that is considered untaxed income? </p>

<p>Thanks in advance!</p>

2

<p>I believe that the maximum for pretax dollars going into a retirement account in 2007 was $15,500, plus $5,000 more for catch up if over 50 years old. I have a retirement account through my work that is slightly different from a 401k, but I think the limits are the same. You should be able to find this out for sure on the IRS website.</p>

3

<p>Thanks entomom - you’re right. Sorry - I should have found that on my own. Chalk it up to profile fatigue!</p>

4

<p>I can relate!</p>