Screen FAFSA - Federal Student Aid Application Information (1040)

Overview

Use this screen to enter information to calculate a worksheet that your client can use to complete the Free Application for Federal Student Aid. The FAFSA worksheet will calculate from the tax return or will print with information entered from a completed tax return.

General Information

Use this section to indicate how the FAFSA Worksheet will calculate.
Enter
1
if the primary taxpayer on the return is the student's father or stepfather. Enter
2
if the primary taxpayer is the student's mother or stepmother. Enter
3
if the primary taxpayer is the student. Enter
4
if the primary taxpayer is the student's spouse.
Beginning 2016, the FAFSA filing will be October 1 and will use the prior year's tax return information. FAFSA can be filed beginning October 1, and will use the tax return information from two years ago. UltraTax CS will produce a FAFSA Worksheet for the next two school years. Enter
1
to complete the next year's FAFSA. Enter
2
to complete the following year's FAFSA. Up to two FAFSA worksheets calculate, a parent worksheet, and a student worksheet.
The next school year's FAFSA can be filed beginning October 1, using the tax return information from two years ago. For example, if completing a FAFSA for the 2021 - 2022 school year, then tax return information from 2019 will be used.
This field is relevant only when
2
is entered in
Filing FAFSA for school year
. Select the type of calculation for this worksheet (Calculated or Entered from another tax return). If
Calculated
is selected, UltraTax CS will use the tax return information to fill out the worksheet. If
Entered from another tax return
is selected, the amounts entered in the input screen are used to fill out the worksheet.
Enter
1
if the tax return is complete. Enter
2
if the return will be filed but isn't yet complete. Enter
3
if the return won't be filed.

Other Information

Use this section to enter information for the FAFSA Worksheet that's not found on the tax return.
Enter the current balance at the time the worksheet is completed. Don't include student financial aid.
Enter the current net worth at the time the worksheet is completed. Net worth means current value minus debt. Don't include the primary residence and don't enter an amount less than zero. Investments include trust funds, UGMA and UTMA accounts (for the owner, not the custodian), money market funds, mutual funds, stock options, bonds, other securities, installment and land sale contracts, commodities, etc. Investments also include qualified educational benefits or education savings accounts. Investments don't include the primary residence, value of life insurance, retirement plans, and accounts already reported under the balance of cash, savings and checking accounts.
Enter the current net worth at the time the worksheet is completed. Net worth means current value minus debt. Don't enter an amount less than zero. Business value includes the market value of land, buildings, machinery, equipment, inventory, etc. Business value doesn't include the value of a small business if the student's family owns and controls more than 50 percent of the business and the business has 100 or fewer full-time or full-time equivalent employees or the value of a family farm that the student and/or the student's parents live on and operate.
Enter the amount of any support paid because of divorce, separation, or as a result of a legal requirement. Don't include support for children in the household.
Enter the amount of any taxable earnings from need-based employment programs such as Federal Work-Study, and the need-based employment portions of fellowships and assistantships. This income should also be included in the fields Taxpayer or Spouse earnings from work.
Enter the amount of any student grant and scholarship aid included in adjusted gross income, including AmeriCorps benefits (awards, living allowances and interest accrual payments), as well as grant and scholarship portions of fellowships and assistantships.
Enter the amount of any veterans noneducation benefits, including Disability, Death pension, Dependency and Indemnity Compensation (DIC) and/or VA Educational Work-Study allowances. Don't include veterans educational benefits such as the Montgomery GI Bill, Dependents Education Assistance Program, VA Vocational Rehabilitation Program, VEAP Benefits or Post-911 GI Bill.
Enter the amount of any untaxed income not reported already, including worker's compensation, disability, etc. Don't include student aid, earned income credit, additional child tax credit, welfare payments, untaxed Social Security benefits, Supplemental Security Income, Workforce Investment Act educational benefits, on-base military housing or a military housing allowance, combat pay, benefits from flexible spending arrangements, foreign income exclusion or credit for federal tax on special fuels.
Enter the amount of any money received or paid (for example, bills), that's not reported already. Don't include cash support from a dependent student's parents. This question is only relevant for the student section of the FAFSA. Select
3
or
4
in
Primary taxpayer identification
to access this field.

Tax Return Information

Use this section to enter an amount that's different from the amount calculated in the return, or to enter amounts from a tax return that was completed elsewhere. Married filing separate returns will have to sum the information and enter the totals on one
FAFSA
screen.
Use the attached statement to enter the taxpayer and spouse names and social security numbers if different from the amount calculated in the return, or to enter information from a tax return that was completed elsewhere.
Enter the type of tax return that was or will be filed. The options are available in the fieldview and are listed in the following table:
1
1040
2
1040A or 1040EZ
3
Foreign return
4
Puerto Rico or other territory
Enter the filing status used on the tax return that was filed or will be filed. If the FAFSA Worksheet is being calculated from information entered in another return, and this field is left blank, the worksheet will display "
Don't know
" as the response for the line
For
2024
, what is or will be you/your parents' tax filing status?
The options are available in the fieldview and are listed in the following table.
1
Single
2
Married filing joint
3
Married filing separate
4
Head of household
5
Qualifying widow(er)
Select
Yes
if Form 1040A or 1040EZ could have been filed,
No
if not, or leave it blank if unsure if the return qualified for 1040A or 1040EZ. If Form 1040 was filed only to claim the Hope or Lifetime Learning credit and was otherwise eligible for a 1040A or 1040EZ, answer
Yes
.
Enter the adjusted gross income from Form 1040 line 37, 1040A line 21 or 1040EZ line 4.
Enter the income tax from Form 1040 line 56, 1040A line 37 or 1040EZ line 10.
Enter the exemptions from Form 1040 line 6d or 1040A line 6d. For 1040EZ, if no boxes are checked on line 5, enter
1
if the taxpayer is single,
2
if the taxpayer is married. If either box on line 5 is checked, use 1040EZ worksheet line F to determine the number of exemptions.
Answer this question whether or not a tax return was filed. This information may be on Form W-2, Form 1040 lines 7 + 12 + 18 + Box 14 of Schedule K-1 (Form 1065), or 1040A line 7, or 1040EZ line 1. If any individual earning item is negative, don't include that item in the calculation.
Answer this question whether or not a tax return was filed. This information may be on Form W-2, Form 1040 lines 7 + 12 + 18 + Box 14 of Schedule K-1 (Form 1065), or 1040A line 7, or 1040EZ line 1. If any individual earning item is negative, don't include that item in the calculation.
Enter the amount of any education credits (American Opportunity, Hope and Lifetime Learning tax credits) from Form 1040 line 50 or 1040A line 33.
Enter the amount of combat pay or special combat pay that was taxable and included in adjusted gross income. Don't enter untaxed combat pay reported on the W-2 (Box 12, code Q).
Enter the amount of any payments to tax-deferred pension and savings plans, whether paid directly or withheld from earnings, including amounts reported on the W-2 (Box 12, codes D, E, F, G, H and S).
Enter the amount of any IRA deductions and payments to self-employed qualified plans from Form 1040 lines 28 + 32, or 1040A line 17.
Enter the amount of tax exempt interest income from Form 1040 or 1040A line 8b.
Enter the amount of any untaxed portions of IRA distributions. This can be calculated from Form 1040 line 15a minus line 15b or 1040A line 11a minus line 11b. Exclude rollovers.
Enter the amount of any untaxed portions of pension distributions. This can be calculated from Form 1040 line 16a minus line 16b or 1040A line 12a minus line 12b. Exclude rollovers.
Enter the amount of any untaxed portions of health savings accounts, which can be found on Form 1040, line 25. This amount will be added to any amounts reported in
Other untaxed income not reported elsewhere
and will display on the FAFSA Worksheet, Other untaxed income.
Enter the amount of allowances paid to members of the military, clergy and others (including cash payments and cash value of benefits). Don't include rent subsidies for low-income housing, the value of on-base military housing or the value of a basic military allowance for housing. The Tax-Free Ministerial Income from the Clergy Worksheet Page 1 - Percentage of Tax-Free Income, line 5b is automatically included.
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