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What do I put for AGI on the FASFA form?
My college deadline for the FASFA is February 15. I have gotten my W2 and was able to fill out several things but I know that AGI is something you get after filing. This is gonna be my first year ever filing for my taxes therefore I do not have a previous year income to look at. What should I put for AGI if I don't even know what it is?
2 Answers
- nancyLv 76 years ago
For most students, the AGI will be the same as their wages. If you had no other income beside wages, then use the amount that is listed in Box 1 of your W-2. If you earned less than $6,000, then enter 0 for the question that asks about your income tax. If you earned more, enter an estimate of $100, and then correct it once you've done your taxes.
If you did have other sources of income, you can add gains or subtract losses from those to your wages and use that for your AGI. Most students don't have these, but sources of other income could include things like interest or dividends on investments, business income or loss, royalties, income or losses from investment properties, capital gains or losses, or gambling gains or losses.
- Valleycat1Lv 76 years ago
The AGI is NOT something you get AFTER filing. If you are a student then your income tax return should be pretty straightforward. The bottom line of net income you are paying tax on is your AGI, after taking the standard deduction or calculate your deductions, and exemptions. That is, it is the dollar amount you use to look up or determine how much tax you owe. It is not something the IRS tells you after you file.