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Enter the total amount of the student's parents' income tax for 2003 (question 74):

This information may be on the following forms:

* IRS Form 1040-line 54;
* 1040A-line 36;
* 1040EZ-line 10; or
* Telefile-line K(2).


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I answered somewhere around 3,000 - because that is what is on the line. However, my mom said it should be much more - in the high 20,000s.

I'm confused and she doesn't really know what to do either... she says it doesn't look right.

Whats up with this question?

By Massdad (Massdad) on Sunday, January 04, 2004 - 09:50 pm: Edit

First of all, you can't really answer this question until 2003 taxes are done. When the tax form is finished correctly, you would read the income from the indicated line for whatever form was filed. Remember, this is PARENT income, not student income.

By Seniormom42 (Seniormom42) on Sunday, January 04, 2004 - 10:18 pm: Edit

In some cases, you cannot wait until your 2003 taxes are done because some schools require the CSS and FAFSA before you can resonably complete your taxes, therefore, you must project (based on your 2002 returns and your 2003 pay stubs/bank statements)what your 1040 (or whatever form you use) will look like.

In answer to Televelis, no one can tell you which number is correct (3000 or 20000) other than you. What you need to make sure you are doing is coming up with your best estimate of what your parents paid/owe in 2003 income taxes. The best way to do this is to try and complete the 1040 (or whatever form you use) as best you can with the information you have (eg. paystubs, etc).
If you can wait a few weeks until the W2's and 1099's are available, it may be easier, but as I mentioned, some schools what the forms in sooner.

Good Luck

By Seniormom42 (Seniormom42) on Sunday, January 04, 2004 - 10:21 pm: Edit

In some cases, you cannot wait until your 2003 taxes are done because some schools require the CSS and FAFSA before you can resonably complete your taxes, therefore, you must project (based on your 2002 returns and your 2003 pay stubs/bank statements)what your 1040 (or whatever form you use) will look like.

In answer to Televelis, no one can tell you which number is correct (3000 or 20000) other than you. What you need to make sure you are doing is coming up with your best estimate of what your parents paid/owe in 2003 income taxes. The best way to do this is to try and complete the 1040 (or whatever form you use) as best you can with the information you have (eg. paystubs, etc).
If you can wait a few weeks until the W2's and 1099's are available, it may be easier, but as I mentioned, some schools what the forms in sooner.

Good Luck

By Televelis (Televelis) on Sunday, January 04, 2004 - 10:45 pm: Edit

Okay, I figured out the problem.

Thanks everyone who responded.

Yeah, that's true, though - since nobody knows my parent's income, it would be hard to tell.