Application Deadline: October 31, 2020
The FAFSA asks about your parent’s / parents’ untaxed income as a way to gather relevant income information which might not appear on their Federal tax return. This helps to determine your financial award.
This question about your parent / parents’ untaxed income is broken into six categories:
Untaxed income can be identified as any income that has been earned by a student or parent which does not appear on a Federal tax return.
Oftentimes, students may work jobs with minimal earnings (i.e. babysitting), and are not required to file a tax return. This is seen as untaxed because these earnings are not being reported to the IRS and are not having Federal or state taxes deducted from them. Even if not reported to the IRS via a tax return, these untaxed earnings still must be reported on the FAFSA.
Other than the example above, other types of untaxed income which students and/or parents may receive in a given year are: Housing, food and other living allowances paid to members of the military, clergy and others, including cash payments and cash value of benefits, child support received, veterans’ non-educational benefits
This question asks you for the most current, combined amount of money in your parent/parents’ cash, checking and savings accounts on…Read more
These questions hope to capture a snapshot value of your parent(s) assets for accuracy and to help determine how much financial aid you…Read more
This question is intended to have you determine and report the value of your parent’s / parents’ business/investment/farm net worth…Read more
The FAFSA asks about your parent’s / parents’ additional financial information as a way to gather any relevant earnings or payments that…Read more