Your Questions About Fafsa

Nancy asks…

Fafsa?????

IF you have both parents, what would happen if you only put one parents income for the FAFSA? What happens if you do not qualify for the FAFSA?

Our pick of the answers:

You are supposed to use the income of the parent you lived with the most in the last 12 months. If it was neither, you use the income of the one that gave you the most support in the last 12 months. If you live with both parents, you must use them both. It doesn't matter if they file sep. Or married filing jointly. You would have to add their income together if they file married filing sep.

Helen asks…

I am filling out my FAFSA and was wondering how to calculate income tax?

When i get to the point in my FAFSA where it asks to enter the income tax, I entered the amount of income I made in 2007 but it says that that's wrong. How do I calculate income tax without doing my taxes? I won't receive my W2's for another few weeks and I want to get my FAFSA done now. Help?

Our pick of the answers:

It's better if you wait until you receive your W-2 but if not, just look at your last pay stub it will be there. Your total wages for the year, it must be your LAST paystub of 2007. If more then one job just add them together. Make sure you use whole dollar amounts, FAFSA won't accept cents, so round it up if needed!

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