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Need help with reading tax forms and filling out fafsa?

Norwalk, CA |

My dad filled out the 1040 form, of the fafsa it asks to enter my parents income tax and to use line 55 but on that line it has a zero. That doesn't seem right, on the 1040 form where can I find the income tax? thank you

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Attorney answers 1


You actually did find it; hopefully your parents properly filled out their return. While you should fill out the FASFA with your Dad, because the Fasfa is filled out on-line, and you need to have your parent's return (or the prior year's to estimate), if you parent's had "zero" on line 55, look at line the line above it and see if there were any credits against tax. It is very possible to have zero tax due if there are enough credits. Also look at line 44 and 45 and see if your parents had any tax before credits. This is not the number you use for FASFA, but may tell you if they owed tax or not (before credits). These days, many self-employed parents may not be earning like they used to, and may be relying on savings and other resources to make it each year.

The answers provided here are for educational purposes only wherein no inquiry has been made (or is permitted on this site) to determine all relevent facts. Assumptions have been made to answer the question which may be incorrect. READERS ARE ADVISED TO SEEK COMPETENT TAX COUNSEL AS TO ALL QUESTIONS AND NOT TO RELY ON GENERAL INFORMATION.

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