FAFSA WALKTHROUGH: PRE-APPLICATION INFO

How to fill out the Financials section

This section collects financial information about you and your family to determine your financial need.

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Personal identifiers

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Personal Circumstances

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Demographics

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Financials

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Colleges

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    Questions covered:

    1. Family Size

    How many people are in your family?

    Include yourself, your parents (if dependent), and other dependents who live with your family and receive more than half of their support from your parents.

    2. Number in College

    How many people in your family, including yourself, will be in college between July 1, 2024, and June 30, 2025?

    Count the number of family members, including yourself, who will be attending college at least half-time during the academic year.

    3. Federal Benefits Received

    At any time during 2022 or 2023, did you or anyone in your family receive benefits from any of the following federal programs? (EIC, Federal housing assistance, Free or reduced-price school lunch, Medicaid, Refundable credit for coverage under a qualified health plan, SNAP, SSI, TANF, WIC)

    This includes benefits like Supplemental Nutrition Assistance Program (SNAP), Medicaid, or Temporary Assistance for Needy Families (TANF). Indicating receipt of these benefits can affect your eligibility for certain types of aid.

    4. Student Tax Filing Status

    Did or will you file a 2022 IRS Form 1040 or 1040-NR?

    Did you either earn income in a foreign country in 2022, work for an international organization without being required to report income, or file a 2022 tax return with Puerto Rico or another U.S. territory?

    This question determines your tax filing status and whether you may need to provide additional tax information.

    5. Student 2022 Tax Return Information

    What was your adjusted gross income for 2022?

    Adjusted gross income (AGI) is found on your tax return and represents your total income minus specific deductions. It helps determine your financial need.

    What was your income tax paid for 2022?

    This amount is found on your tax return and shows the total income tax you paid for the year.

    What is your total income earned from work in 2022?

    Include all wages, salaries, and tips you earned from employment.

    Did you receive the earned income credit (EIC)?

    The Earned Income Credit (EIC) is a refundable tax credit for low- to moderate-income working individuals and families. Indicate if you received this credit.

    IRA deductions and payments to self-employed SEP, SIMPLE, and qualified plans

    Report any contributions to Individual Retirement Accounts (IRAs) or self-employed retirement plans.

    Education credits (American Opportunity and Lifetime Learning credits)

    These credits can reduce the amount of tax you owe. Include any education credits you received.

    Did you file a Schedule A, B, D, E, F, or H with your 2022 IRS Form 1040?

    These schedules are used to report additional income and deductions. Indicate if you filed any of these schedules.

    Net profit or loss from IRS Form 1040 Schedule C

    Report your business income or loss if you were self-employed.

    Amount of college grants, scholarships, or AmeriCorps benefits reported as income to the IRS

    Include any grants, scholarships, or AmeriCorps benefits that were reported as taxable income.

    6. Annual Child Support Received

    Enter the total amount of child support you received in 2022.

    Include any child support payments you received for your children, which should be reported as untaxed income.

    7. Student Assets

    What is the total current balance of your cash, savings, and checking accounts?

    Provide the total amount of money you have in cash, savings, and checking accounts.

    What is the net worth of your investments, including real estate?

    Include the value of stocks, bonds, mutual funds, and other investments, as well as any real estate you own (excluding your primary residence).

    What is the net worth of your businesses and/or investment farms?

    Provide the value of any businesses or investment farms you own, minus any debts related to those businesses or farms.

    8. Student Spouse Tax Filing Status

    Did or will your spouse file a 2022 IRS Form 1040 or 1040-NR?

    Did your spouse either earn income in a foreign country in 2022, work for an international organization without being required to report income, or file a 2022 tax return with Puerto Rico or another U.S. territory?

    This question determines your spouse’s tax filing status and whether additional tax information is needed.

    9. Student Spouse 2022 Tax Return Information

    • What was your spouse's adjusted gross income for 2022?

    • What was your spouse's income tax paid for 2022?

    • What is your spouse's total income earned from work in 2022?

    • Did your spouse receive the earned income credit (EIC)?

    • IRA deductions and payments to self-employed SEP, SIMPLE, and qualified plans

    • Education credits (American Opportunity and Lifetime Learning credits)

    • Did your spouse file a Schedule A, B, D, E, F, or H with their 2022 IRS Form 1040?

    • Net profit or loss from IRS Form 1040 Schedule C

    • Amount of college grants, scholarships, or AmeriCorps benefits reported as income to the IRS

    10. Parent Identity Information

    • What is your parent's full legal name? (First name, Middle name, Last name, Suffix)

    • What is your parent's date of birth? (MM/DD/YYYY)

    • What is your parent's Social Security Number (SSN)?

    • What is your parent's Individual Taxpayer Identification Number (ITIN)?

    11. Parent Contact Information

    • What is your parent's mobile phone number?

    • What is your parent's email address?

    • What is your parent's permanent mailing address? (Include apt. number, City, State, ZIP code, Country)

    12. Parent Tax Filing Status

    • Did or will your parent file a 2022 IRS Form 1040 or 1040-NR?

    • Did your parent either earn income in a foreign country in 2022, work for an international organization without being required to report income, or file a 2022 tax return with Puerto Rico or another U.S. territory?

    13. Parent 2022 Tax Return Information

    • What was your parent's adjusted gross income for 2022?

    • What was your parent's income tax paid for 2022?

    • What is your parent's total income earned from work in 2022?

    • Did your parent receive the earned income credit (EIC)?

    • IRA deductions and payments to self-employed SEP, SIMPLE, and qualified plans

    • Education credits (American Opportunity and Lifetime Learning credits)

    • Did your parent file a Schedule A, B, D, E, F, or H with their 2022 IRS Form 1040?

    • Net profit or loss from IRS Form 1040 Schedule C

    • Amount of college grants, scholarships, or AmeriCorps benefits reported as income to the IRS

    14. Parent Spouse or Partner Tax Filing Status

    • Did or will your parent's spouse or partner file a 2022 IRS Form 1040 or 1040-NR?

    • Did your parent's spouse or partner either earn income in a foreign country in 2022, work for an international organization without being required to report income, or file a 2022 tax return with Puerto Rico or another U.S. territory?

    15. Parent Spouse or Partner 2022 Tax Return Information

    • What was your parent's spouse or partner's adjusted gross income for 2022?

    • What was your parent's spouse or partner's income tax paid for 2022?

    • What is your parent's spouse or partner's total income earned from work in 2022?

    • Did your parent's spouse or partner receive the earned income credit (EIC)?

    • IRA deductions and payments to self-employed SEP, SIMPLE, and qualified plans

    • Education credits (American Opportunity and Lifetime Learning credits)

    • Did your parent's spouse or partner file a Schedule A, B, D, E, F, or H with their 2022 IRS Form 1040?

    • Net profit or loss from IRS Form 1040 Schedule C

    • Amount of college grants, scholarships, or AmeriCorps benefits reported as income to the IRS

    How to answer?

    Provide accurate financial details from your tax returns and financial statements. Use the IRS Data Retrieval Tool if possible for convenience and accuracy.

    Frequently Asked Questions

    The FAFSA uses your personal information to verify your identity and ensure that your application is processed correctly. This information is also used to match your FAFSA with your educational records and to contact you regarding your application status.

    No, all questions are required.

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