How to Answer FAFSA Question #86-87: Parents Income Information

FAFSA Questions #86-87 Parents Income Information

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Question 86 and 87 ask about earnings (wages, salaries, tips, etc.) in 2020. Answer the questions whether or not a tax return was filed. This information may be on the W-2 forms or on the tax return selected in question 80: IRS Form 1040—line 1 + Schedule 1—lines 3 + 6 + Schedule K 1 (IRS Form 1065)—Box 14 (Code A). If any individual earning item is negative, do not include that item in your calculation. Report the information for the parent listed in questions 60-63 in question 86 and the information for the parent listed in questions 64-67 in question 87..

86.  How much did Parent 1 (father/mother/stepparent) earn from working in 2020?
  • $__ , __ __ __ , __ __ __

87.  How much did Parent 2 (father/mother/stepparent) earn from working in 2020?

  • $__ , __ __ __ , __ __ __
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Why are they asking this information?

This set of questions asks your parent / parents to determine your parent’s / parents’ overall earnings and income for the year. This would include, but is not limited to their wage earnings.

How to answer this question / fill out this section

For either tax return, use the following to impute their earnings:

  • IRS Form 1040: Use Lines 7 + 3 + 6* + Box 14 of IRS Schedule K-1 (Form 1065)
  • Special notes:
    • IRS Form 1040A: Use Line 7
    • IRS Form 1040EZ: Use Line 1

Note: If they did not file taxes, they will need to enter the figures in Boxes 1 + 8 on their W-2 statement.

Additional considerations

  • Form 1065 is an associated tax return for business owners. The Schedule K-1 tells your parent/parents how much they have earned from that business.

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