Thursday, June 17, 2010

Questions about student federal aid???

Hi... I am filing for federal student aid... Last year I worked for 3 months, and I made about $3000. I have not filed 1040 yet, and I have to answer some questions about my finance on fafsa form... I%26#039;m not sure about the following questions...



what is my adjusted gross income



What is my Income Tax?



10 points for best answer... Thanks in advance...



Questions about student federal aid???

Your adjusted gross income will be about $3000.00.



Your income tax owed will be zero dollars.



Your income tax refund will be the amount of income tax withheld.



You will want to file a 1040EZ form and complete and sign all of this information. Attach the federal copy of W-2 form.



You will want to also file a state income tax return, complete, sign all the info. Attach the state copy of W-2 form.



Make copies (about 5) of both forms. You%26#039;ll need this for financial aid, etc.



Questions about student federal aid???

This info will be on your W2 form you will recieve from your employer for 2007.



Questions about student federal aid???

If you haven%26#039;t filed, but you have your W-2 form, then you can just put whatever is on the W-2 form to fill in the blank. Your AGI will be wages and tips. When you come to the question %26quot;have you file your taxes?%26quot;, then you will put no or you will file. After you complete your taxes, then you have to go back to your FASA application and put that you have filed. Putting no file will not complete your application until you file your taxes. But I believe that it will go through w/o it. It happen to me before. So I don%26#039;t believe it will hold you up as long as you get to it.

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