FEDERAL INCOME TAX TIPS

2012-2013

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 The College at Brockport students:

Federal College Work-Study Earnings

Income earned at The College at 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 earnings on FAFSA in questions 43/91 so it is not considered in the calculation of the student contribution.

Temporary Service/BASC/BSG

Income earned at The College at 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 in questions 43/91.

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