IRS Ira Early Withdrawal Penalty
January 21st, 2010Question: Help with fafsa questions?
I am doing the parents income estimator. I have no problem getting the income information from my father but would like to know what these questions mean.
it ask for the amount of Wages, salaries, tips, etc.
also,
IRS-allowable adjustments to income (payment to IRA and Keogh Plans, one half of self employment tax, self-employed health insurance deduction, interest penalty on early withdrawal of savings, alimony paid, and student loan interest deduction).
I am confused, can anyone help me out?
thanks
Answer: Those adjustments are found on lines 23 to 35 of your parents tax return (IRS Form1040). The following link will give you a blank copy of that form. It is rare that anyone can complete the FAFSA forms without having a copy of the last years income tax return for their parents and or their own.
http://www.irs.gov/pub/irs-pdf/f1040.pdf?portlet=3
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