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FEDERAL INCOME TAX TIPS

Tax season is fast approaching, and we would like to offers helpful information on tax credits, deductions, and savings plans. All of this and more can be found at the following Web address:Student Tax Guide .

Most common misconceptions/errors made on the Free Application for
Federal Student Aid (FAFSA) by SUNY Brockport students:

Federal College Work-Study Earnings

  • Income earned at SUNY Brockport or other school attended in calendar year.
  • Included on tax return as taxable income.
  • Is need based and shows on the financial aid award letter
  • Can list Federal College Work-Study earning on FAFSA on Worksheet C so it is not considered in the calculation of the student contribution.

 

Temporary Service/BASC/BSG

  • Income earned at SUNY Brockport or other school attended in calendar year.
  • Included on tax return as taxable income.
  • Is not a financial aid program and it does not show on the financial aid award letter.
  • Does not get listed on FAFSA on Worksheet C.

 

 

Federal Taxes Paid (Liability)

  • Include on FAFSA
  • What you actually paid (or will pay) to the government. Found on the tax return only.

Federal Tax Withheld

  • Not included on FAFSA
  • Found on your pay stub or W2 statement (Box 2). What was taken out of the paycheck, but it may not be what you will actually pay as taxes.
Please Note: If self-employed, you do not include
self-employment taxes paid on the "income tax paid" line on the FAFSA.

Income Earned From Work

  • Can be found on a W2 form (Box 1), or on the federal tax return, and also be sure to include farm and/or business income.

Adjusted Gross Income (AGI)

  • Can only be found on tax return. See federal FAFSA instructions or our tax return examples for the appropriate line number.
Prepared by the Quality Assurance Team
SUNY College at Brockport
Financial Aid Office
5/21/03