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Daycare and Taxes>Reporting Income - FAFSA
DCMomOf3 07:09 AM 02-10-2011
I am applying for financial aide and I am not sure what number to put for my income. They want how much I earned from working (wages, salaries, tips, etc.) in 2010. Does anyone know if this before expenses and taxes or income after I take out my expenditures?
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GG~DAYCARE 08:00 AM 02-10-2011
FAFSA has you take all your figures off of your 1040. I do my taxes and than follow up right away with the FAFSA. The FAFSA will even tell you what line of your 1040 you will get your number from. Is this your first year doing a FAFSA?
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DCMomOf3 08:11 AM 02-10-2011
Yes, this is my first year taking out loans. I didn't see where it told me which line, maybe I haven't been looking in the right place.
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Pammie 09:06 AM 02-10-2011
Use the number that you enter on your 1040 - income from business.
That would be **after** all of your expenses and deductions.
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TomCopeland 03:15 PM 02-10-2011
Yes, for purposes of eligibility of various programs you should always be reporting your net income (profit) from your business. This is the bottom line on your Schedule C that gets transferred to Form 1040, line 12.




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Tags:expenditure, fafsa, financial aid, reporting - income, subsidy
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