Q:

What do you put in the income tax section in your FAFSA application?

A:

Quick Answer

The information to be incorporated into the income tax session on the FASFA application is the taxable income from both parents, according to College Express. Nontaxable income from both parents and students should be included as well.

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Full Answer

Taxable income includes unemployment compensation interest, annuities, unemployment compensation, alimony, rent and business income, says College Express. Nontaxable income includes veteran's noneducation benefits, earned income credit, untaxed income from annuities and pensions, and child support. Deductible payments that were made to a retirement plan, such as an IRA or a Keogh plan, should also be included in the income tax portion of the FASFA application.

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