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business income for css profile and fafsa?
basically the problem is that my dad owns a business and on the income tax return it says that he earns an income from his business. my parents insist that i don't have to include that number in the css profile or fafsa so that i can get more money. they keep saying i'm being too honest. does it matter whether i include the business? especially since for some colleges i have to send in a copy of the tax returns.
3 Answers
- Anonymous1 decade agoFavorite Answer
The family has to include ALL income on the fafsa. Taxable, untaxable, everything! So yes, he has to include all income - from his business and from a regular job he may have.
This amount would already be included in his AGI on his tax forms. You would also need to ADD this business income amount to any income he may have from a regular job on the question regarding his "income earned from work".
If the amounts on your fafsa don't add up or "look" right, you will be selected for verification. This will delay everything and you will be required to turn in other documents... tax forms and possibly others.
Good luck.
- 5 years ago
The FAFSA asks approximately your earnings no count number if or no longer you pick to record an earnings tax return. so which you will have a minimum of suggested your earnings someplace even although you place which you won't record taxes. by no ability concern, as suggested under, you do have the skill to make corrections on your FAFSA. Head back to fafsa.ed.gov and decide the alternative that declares "make corrections to a processed FAFSA" and replace solutions on your heart's content textile! You and your ensure will ought to sign with you PINs back although.
- 1 decade ago
Have your parents read what they are signing, as they have to sign your fafsa too. Falsifying information can lead to imprisonment and/or fines. The Department of Education does prosecute.
