Arizona 1040Ez Tax Forms by feq12846

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Arizona 1040Ez Tax Forms document sample

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									AVID Region VIII
• COMMUNITY COLLEGES
  – Approximately $ 4,000 to $ 15,000


• CALIFORNIA STATE UNIVERSITY
  – Approximately $ 13,000 to $ 17,000


• UNIVERSITY of CALIFORNIA
  – Approximately $ 17,000 to $ 21,000


• PRIVATE COLLEGES
  – Range from $ 18,000 to $ 48,000

                                         2
     COST OF ATTENDANCE – (COA)
 - EXPECTED FAMILY CONTRIBUTION (EFC)
       = FINANCIAL NEED (eligibility)

The college will attempt to offer FINANCIAL AID to
      meet your calculated FINANCIAL NEED


                                                 3
             UC      CSU      Private    CC


Budget      20,000   13,000   35,000    10,000


  EFC       5,000    5,000    5,000     5,000


Financial   15,000   8,000    30,000    5,000
  Need
                                                4
   GIFTED AID
• Scholarships
• Grants
    SELF HELP AID
• Work Study Program
• Loans
    Subsidized
    Non-subsidized



                       5
6
7
•PELL Grant
    BASED ON: Cost of Attendance – COA
              Expected Family Contribution – EFC
              Enrollment status

•FSEOG – Federal Supplemental
   Educational Opportunity Grant
          Campus Based Aid
          Priority – Exceptional Financial Need
                                                   8
•Federal ACG Grant
   Academic Competitive Grant
       Year One - $ 750.00
       Year Two - $ 1,300.00
•Federal SMART Grant
   Science and Math Access to Retain Talent
   Up to $ 4,000.00 for 3rd and 4th years only
                                                 9
10
• California resident
• US Citizen or eligible non-citizen
• Meet US Selective Service
  requirements
• California colleges only
• At least half-time enrollment
• Maintain satisfactory academic
  progress
• Family income and asset limitations
                                        11
        Based On
–   Student educational goals
–   Unweighted GPA in 10th and 11th grade
–   Income criteria
–   Community College Transfer
–   Vocational Programs



                                            12
• Cal Grant A
    • Four year colleges
    • 3.0 GPA
• Cal Grant B
    • Two year colleges
    • 2.0 GPA
• Cal Grant C
    • Trade and Vocational Schools


                                     13
             Getting Ready . . .

• Student driver‟s license
• Student Alien Registration card
• Student and Parent
     –   Social Security cards
     –   2006 W-2 forms and other records of money earned
     –   Records of untaxed income
     –   Current bank statements
     –   Business, farm and other real estate records
     –   Records of stocks, bonds and other investments



                                                            14
Staying Organized . . .

           • Create a file
           • Keep copies of all
             documents and records
             used to complete the
             FAFSA
           • Keep copies of all
             applications and forms
             submitted

                                      15
            Getting Started . . .
• Read all application instructions
• If planning to submit paper FAFSA
     – Use pen with black ink
     – Print clearly in CAPITAL letters
                                            15    ELM   ST
     – Fill in ovals completely
     – Do not leave blanks (unless directed to)
     – Do not write comments anywhere on form
     – Do not use correction fluid

                                                        16
          The FAFSA
      A Seven-Step Process



           STEPTHREE
                FOUR
           STEP SEVEN
            STEP FIVE
             STEPONE
                  SIX
           STEP TWO
    Requiresstudent dependency for
        forthe studentinformation status
  AsksforIssignatures andlist schools
   Allows student income
   Is for
Determines about the students only
 Asks independent to and     date assets
               parental student for the
           dependent students
          Certification Statement




                                      17
Step One
#1-3 Name
  JONE S                      SU S A N               L



#8 Social Security Number
   1 23    45   6789

– List the student‟s name and Social Security
  number exactly as they appear on the Social
  Security card
    both will be compared through a database
     match process
                                                18
#9 Date of Birth

           02 0 9       88

  - Be careful not to write the current year for
    student’s date of birth




                                                   19
            #13 Email Address
S J ONE S                   YA HOO   .   COM



     – FAFSA information will be sent through a secure
       link on the internet if an email address is given

     – Leave blank if preference is to receive
       information through regular mail




                                                     20
        #14 Citizenship Status



a. If U.S. citizen, status will be confirmed by Social
   Security match
b. If eligible noncitizen, status will be confirmed by
   Department of Homeland Security (DHS) match.
   This includes:
    • U.S. permanent residents with I-551
    • Conditional permanent residents with I-551C
    • Eligible non-citizens with I-94

                                                         21
#15 Alien Registration Number

                         01 2345678


 – If eligible noncitizen, write in the student‟s
   eight- or nine-digit Alien Registration
   Number (ARN)
      • Precede an eight-digit ARN with a zero
      • Copy of Alien Registration card might be requested
        by the financial aid office



                                                             22
 #14 Citizenship Status (cont.)



c. If neither A nor B, student is not eligible for
   federal aid or California Cal Grant
   programs, but might still be eligible for
   college or outside aid




                                                 23
#18 Student’s State of Legal Residence
       CA


– Residency relates to the student‟s permanent
  home state
     • If the student is dependent, the state of legal residence is
       usually the state in which the custodial parents live
– State of legal residence is also used
     • In the Expected Family Contribution (EFC) to determine the
       appropriate allowance for state and other taxes paid by all
       state residents
     • To determine eligibility for some state grants




                                                                24
#21-22 Selective Service Registration

  – Male students who are 18 years of age or
    older must be registered with Selective
    Service to receive federal and state aid

#22

  – Answer “yes” only if the student is male,
    aged 18-25, and has not yet registered.
    The student may also register by going to
              www.sss.gov
                                                25
#23 Degree Objective

                                    1

 – Indicate the student‟s most immediate degree or
   certificate objective for 2007-08


#24 Grade Level
                                    0

 – Indicate the student’s grade level
   beginning with the 2007-08 school year
                                                 26
#25 Enrollment Status for 2007-08


   – Provide information about the college the
     student is most likely to attend
       •   Enter 1 for full time
       •   Enter 2 for three-quarter time
       •   Enter 3 for half time
       •   Enter 4 for less than half time
       •   Enter 5 for don‟t know

   – If unsure, report full time

                                                 27
#26 Interest in Types of Aid


  – Indicating interest in either work-study or
    student loans does not obligate the student to
    borrow or to work, nor will it cause the student
    to lose grants and scholarships

     •   Enter 1 for work-study
     •   Enter 2 for student loans
     •   Enter 3 both work-study and student loans
     •   Enter 4 for neither
     •   Enter 5 for don‟t know
                                                       28
#27 High School Diploma or GED?

  – Requirement to receive federal and state aid
  – Home schooling may fulfill requirement



#28 First Bachelor’s Degree?

 – If high school senior, the answer
   is „NO‟

                                                   29
#29-30 Parents’ Educational Level

  – Some states and colleges offer aid based on
    the level of schooling parents completed
  – Indicate highest level of schooling completed
    by biological or adoptive parents
     • Definition of parents is unique for these two questions
     • Do not use stepparents, legal guardians,
       grandparents, or foster parents




                                                                 30
#31 Drug Conviction Question


  DO NOT SKIP THIS QUESTION
  – Answer “NO” if
     • Offense did not occur during period for which
       student was receiving federal financial aid
     • Conviction was for alcohol or tobacco
     • Conviction was removed from record
       or occurred before age 18
       (unless tried as an adult)




                                                       31
Step Two
#32-45 Student Income and Assets
 – Questions are identical to those in the parents‟
   income and asset section of Step Four. In Step
   Two
     •   Report the student‟s 2006 income and current assets
     •   If student is single, ignore references to “spouse”
     •   If student is married, report spouse‟s income and assets
     •   Complete Worksheets A, B, and C for the student on
         Page 9




                                                                32
#46-47 Veterans’ Education Benefits



 – If student is eligible for veterans‟ education
   benefits, report monthly amount expected
   (if not applicable, answer zero)
 – Number of months should equal number of
   months attending school (if not applicable,
   answer zero)
 – For more information, contact the VA at
     • 800.827.1000 or www.va.gov


                                                    33
Step Three
#48-55 Dependency Status
– If the student answered “Yes” to any
  If the student answered “No” to all questions
– question in this step, skip Step Four and go
  in to step, go
  onthisStep Five to Step Four
    • For FAFSA filing purposes, the student is
    • For FAFSA filing purposes, the student is
      considered a dependent student and is
      considered an independent student and not
      required to provide parental information
      required to give parental information



                                            34
Step Four
#56-86 Parent Information

• See Page 7 of FAFSA instructions about who
  is considered a parent
    – Biological or adoptive parent(s)
    – Stepparent
       • Regardless of any prenuptial agreements




                                                   35
̶ Step Four
  Divorced or separated
Parent Information (cont.)
  Give answers about the parent the student lived with most
   during the past 12 months
  If the student did not live with one parent more than another,
 • give answers about the parentto each other financial
    Living and married who provided more
   support during the past 12 months, or during the most recent
   year– Answer questions received support
         that the student actually about both parents
  If this parent remarried as of today, give answers on the rest
 • of the form about that parent and the person whom the parent
    Widowed or single
   married (the stepparent)
  The – Answer questions about tax purposes has no
       parent who claimed the student for that parent
   bearing as to which parent provides the parental data
 • Divorced or separated
        – It depends . . .

                                                                    36
Step Four
Parent Information (cont.)
• Do not provide information on
   – Foster parent(s)
       • Student is automatically considered an independent student

   – Grandparents, other relatives or legal guardian(s)
       • Student must attempt to get biological parental information
       • Colleges may use Professional Judgment to allow the student
         to file as an independent student




                                                                       37
#56 Parents’ Marital Status




#57 Date of Parents’ Marital Status



 – Month and year parents were married,
   separated, divorced or widowed
                                          38
#58-65 Parent SSN, Name and DOB



 – Information should be provided for the parents
   who are required to report information in Step
   Four
     • Social Security Number (SSN), last name and first initial
       should be listed as they appear on the parent‟s Social
       Security card
     • If parent does not have a SSN, enter
       000-00-0000

                                                              39
#66 Parent Household Information


– Include in parents‟ household
    • Student applying for financial aid
    • Custodial parent(s)
    • Parents‟ other dependent children, if parents provide more
      than half their support of the children that could answer “No”
      to every question in Step Three, regardless of where they live
    • Other people, if they now live with parents, and if parents
      provide more than half of their support, and will continue to
      provide that level of support from 7/1/07 through 6/30/08




                                                                  40
#67 Family Members Attending College



  – Always include the student even if he/she will attend
    college less than half time in 2007-08
  – Include other household members from #65 only if
    they will attend at least half time in 2007-2008 in a
    program that leads to a college degree or certificate
  – Always exclude parents



  NOTE: Some financial aid offices will require proof
  that other family members are attending college       41
#68-70 Parents’ State of Legal Residence

                     CA

  – Question #68: Indicate the two-digit state code for
    parents‟ current state of residence

                                    052003

  – If the answer to #69 is “No”, in Question #70, provide the
    month and year legal residency began for the parent who
    has lived in the state the longest

                                                            42
#71-75 Federal Benefit Programs


– Mark an oval for each federal benefit program the student,
  parents, or anyone in the parents‟ household received
  benefits from at any time during 2006
     •   Supplemental Social Security Income Program (SSI)
     •   Food Stamp Program
     •   Free or Reduced Price School Lunch Program
     •   Temporary Assistance for Needy Families (TANF)
     •   Special Supplemental Nutrition Program for Women, Infants, and
         Children (WIC)




                                                                      43
Step Four
Parent Income and Assets - General

 If the answer to any question is zero or the
  question does not apply, enter 0:
   $       ,    0

 Report whole dollar figures:
   $   12 ,356      (no cents)


 Recommendation: If parents have not filed their
  2006 federal tax return, they should use W-2 forms
  and/or other employment records to estimate total
                                                  44
  income
#76-78 Parent Tax Return Filing Status




  #76 – Indicate parents‟ 2006 tax filing status
  #77 – Which tax return did or will parent(s) file for
  2006?
  #78 – Even if parent(s) did not file a 1040A or 1040EZ,
  read the instructions to see if     they would have been
  eligible to do so    (page 6)

                                                             45
#79-81 Parent Income and Tax Info




 – If parents have not yet filed their 2006 federal tax
   return, it is okay to estimate information for these
   questions
 – If parents have completed their 2006 federal tax return,
   they should use 2006 tax return information to fill out
   questions #79-81
      • Specific line-items are requested from the 1040
 – If the answer is zero or the question does not apply,
   enter zero

                                                           46
#82-83 Wages Earned from Work
       by Parent(s)



– This figure may be different than the adjusted gross
  income figure on the parent tax return
– Use W-2 forms and other records to list all income in
  2006 earned from work
    • Include income earned from self-employment




                                                      47
#84 Worksheet A: Untaxed Income & Benefits


                                                      For question 84

                                                         1300



                                                 84
                                                         1300
    – Carefully complete the right column of
      Worksheet A (page 9 of instructions)
    Note: Students should keep a copy of the worksheet
     because the financial aid office may request a copy
                                                              48
#85 Worksheet B: Untaxed Income & Benefits
                                         For question 85


                                            1800

                                            5100

                                             800




                                            7700
                                                 49
                                    85
#86 Worksheet C: Income Exclusions
                                                For question 86




                                           86         0
Totals from Worksheets A, B, and C should be entered
in Questions 84, 85, and 86 on Page 3 of the FAFSA



                                                 1 300
                                                7 700
                                                        50
                                                                  0
Step Four
#87 Parent Asset Information


 – List the net value of parent assets as of the day the
   FAFSA is completed
 – If net worth is one million dollars or more, enter
                $999      ,999

 – If net worth is zero, enter 0 (do not leave blank)
                $         ,      0
 NOTE: Some financial aid offices may request supporting
 documentation for the answers to these questions
                                                           51
Step Four
#88-89 Parent Asset Information (cont.)
                                                             2 000
                                                                    0
 – Net worth means current value minus debt
     • If net worth is negative, enter zero
 – Investments include:
     •   Real estate (do not include the home you live in)
     •   Trust funds
     •   Money market / mutual funds
     •   Certificates of deposit
     •   Stock options & stocks
     •   Coverdell IRA‟s
     •   Refund value of 529 state prepaid tuition plans


                                                               52
Step Four
#88-89 Parent Asset Information (cont.)
                                                                     2 000
                                                                            0

– Business and/or investment farm includes:
     • Market value of land, buildings, machinery, equipment, inventory,
       etc.
        – Only debts for which the business was used as collateral
– Do not include the value of a small business that parents
  own and control that has 100 or fewer full-time employees
  (or full-time equivalent)




                                                                       53
Step Five-Independent Students Only
#90 Household Information
 Complete this step only if the student
  answered “Yes” to any Step Three
  questions (48-55)
 Include in the student household
    ̶ The student (and spouse if applicable)
     ̶ Student’s children if the student will provide
        more than half their support
      ̶ Other people, if they now live with the
        student and they provide more than half their
        support, and will continue to provide that
        level of support from July 1, 2007 through
        June 30, 2008                                 54
Step Five - #91
Family Members Attending College

 Always count yourself (the student)
 Include others if they will attend at least half-
  time in 2007-2008, in a program leading to a
  college degree or certificate




                                                      55
Step Five
#92-96 Federal Benefit Programs


– Mark an oval for each federal benefit program that you or
  anyone in the household who received benefits any time
  during 2006
     •   Supplemental Social Security Income Program (SSI)
     •   Food Stamp Program
     •   Free or Reduced Price School Lunch Program
     •   Temporary Assistance for Needy Families (TANF)
     •   Special Supplemental Nutrition Program for Women, Infants,
         and Children (WIC)



                                                                      56
Step Six
#97a-97g School Information                    (cont.)

 Student may list up to four schools
 For more accurate processing, write both the
  school name and Title IV school code
   – Check with each college‟s financial aid office, high
     school counselor, or U.S. Department of Education‟s
     website (www.fafsa.ed.gov) for a listing of federal
     school codes
 Select the housing plan that best describes
  student expectations while attending each listed
  school

                                                            57
Step Six
#97a-97g School Information


                CA INDEPENDENT UNIVERSITY
  0 0 1 2 3 4                               C A

                COMMUNITY COLLEGE ABC
  0 0 1 2 3 4                               C A

                CAL STATE UNIVERSITY
  0 0 1 2 3 4                               C A
                UNIVERSITY OF ARIZONA
  0 0 1 2 3 4                               A Z




                                                  58
Step Six
School Information (cont.)
Strategies for Listing Colleges
 In Questions #97a-97g, for Cal Grant consideration,
  list the most expensive California school to which
  the student is applying
 List those schools with the earliest financial aid
  deadlines, regardless of whether they are in-state or
  out-of-state
 If the student is applying to more than four schools,
  wait for the processed SAR and add additional
  schools via the Web or by phone


                                                     59
#98-99 Read, Sign, and Date

                                           0 1 1 5


                                                     Student Signature


                                            Parent Signature


  – Read the statement in Step Seven before submitting the FAFSA
  – Fill in the date the student and parent completed the FAFSA
  – Student and at least one parent must sign the FAFSA
     – If submitting FAFSA on the Web, the student and at least one parent
       must provide their own individual PINs
  – Be cautious about paying someone to complete the FAFSA
  – FREE ASSISTANCE IS AVAILABLE!                                            60
     FAFSA ON THE
         WEB
• Internet application used by students and parents
  to complete electronic FAFSA at
   – www.fafsa.ed.gov
• Processed more quickly than paper version
• Sophisticated on-line edits so that errors are less
  likely to be made
• Student and at least one custodial parent should
  get a federal PIN at
   – www.pin.ed.gov

                                                   61
Application Filing Tips
    FAFSA on The Web
• Gather necessary documents ahead of
  time
• Complete a FAFSA on the Web
  Worksheet available at
  www.fafsa.ed.gov
• Allow ample time to complete form for
  submission by deadline
• Check the FAFSA for accuracy prior to
  submission
                                          62
Application Filing Tips
 FAFSA on The Web (cont.)
• Save all work periodically
• Sign the application using student and at
  least one parent‟s PIN
• Print out a copy of the FAFSA before
  submitting data
• Keep a copy of the Submission Confirmation
  Page


                                           63
Application Filing Tips
       Paper FAFSA

• File early and meet all deadlines
• Check the FAFSA for completeness and
  accuracy
• Sign and date FAFSA
• Make a copy of the FAFSA before mailing



                                            64
Application Filing Tips
          Paper FAFSA

• Mail the FAFSA and stamped self-addressed
  postcard in the envelope provided
   – Do not write any comments on the FAFSA
   – Do not include letters, tax forms, or worksheets
   – Use regular mail (not Registered or Certified)
• Obtain a U.S. Postal Service Certificate of
  Mailing (cost is only $0.90)



                                                        65
Questions?

								
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