fafsa and adjusted gross income?

Question

I filled out my fafsa.
However, something seems wrong.
My parent's total income and their adjusted gross income is completely different.
their adjusted gross income is almost double of their combined income. they used a 1040 tax form.

my dad filled this part out and i thought he might've misunderstood this.
is this normal?

Answer 1

Review what your dad put on the FAFSA and compare it to his tax forms.
It is very easy to follow... once you know which tax form he did. In this case the1040... then look for the line number on the tax form corresponding to that question. (it is listed on the fafsa)

Sometimes the numbers are indeed not the same- AGI could be higher if your parents have social security benefits, pensions or annuities, real estate income, farm income, unemployment, alimony, capital gains, dividends, taxable interest income and others.
Good Luck!

Answer 2

Our total income and adjusted gross income is similar... but we don't have any children. I would call a tax place first thing in the morning and find out.

Answer 3

I would ask your dad to see his tax return to confirm the correct information. In the future, I recommend that YOU complete the FAFSA completely and have your parents review and then sign. This way you can make sure all information is correct. If the info is not correct, you will have to make changes. Take it to your school for changes. It will be faster.

Answer 4

you can't use a W2, you have to have a filled out tax form to figure out the adjusted gross income... it is income and also adds in things like interest, etc. and takes out for a few things, so you can't just get it off a W2... sorry....