FAFSA (08-09) error?

Question

I have filed my FAFSA and already received my SAR.

My parents and I have not received our W-2's, yet. Thus, we have not been able to file our income tax returns. I just made corrections ONLY to my list of schools.

The error message I keep getting is:

" You verified that either you paid the same amount or more in taxes than your Adjusted Gross Income (AGI), or your parents paid the same amount or more in taxes than their Adjusted Gross Income (AGI). Therefore, we cannot calculate an estimated Expected Family Contribution (EFC). You must contact your Financial Aid Administrator (FAA)."

(To be continued in details section below...)

Answer 1

You will need to wait until you have filed your 2007 taxes. You will then find all of this information on your tax return. Your adjusted gross income is figured out by how much you made, minus how much you paid in taxes and so on. It is not going to be listed on your W2 forms. You may need to wait until after January 31st so that you have all W2 forms, then do your 2007 taxes and have your parents do their 2007 taxes as well and then resubmit your FAFSA.

Answer 2

If you need to file your FAFSA before you complete your taxes, like most student do, you need to estimate the numbers. If you are unable to locate your 2006 taxes and use those numbers I suggest the following:



You w-2 has a box as to your gross wages. you would put this in the AGI box on the FAFSA.

Your W-2 also has a taxes withheld box, this should be your taxes paid.



This is just an estimate, but could be the best you can do with what you have.

Answer 3

If fafsa said you couldn't make corrections to your SAR until after parents have done their taxes then it sounds like you are going to have to wait to correct those schools. Although I don't think "adding" 6 schools would be considered a correction. You may just have to live with the 10 schools you've entered until all those schools have your corrected information and add the other six later.



Okay,

Regarding your questions on AGI and taxes paid. If you notice the question it refers you to your parents tax return and the line number they would get this information from. If they haven't done their taxes you won't have this information. This information will NOT be on the W2's. What IS on the W2 is your parents is answers to "How much did your father earn from working" and "How much did your mother earn from working" Look on Box 1 of each of their W2 and also yours.



Taxes Paid = how much your parents had to pay in taxes based on their earnings and deductions. This is NOT the amount WITHHELD listed on the W2. Is is also NOT the amount of a payment sent to the IRS after doing taxes. Income tax is on IRS Form 1040—line 57; 1040A—line 35; or 1040EZ—line 10.

Hope this helps.

Answer 4

I did that last year. What you did wrong was put in the amount you made and the amount you paid in taxes as the same number. Go back online, and correct the amount of taxes you paid, though you might have to wait for your w 2's

Answer 5

You must contact your Financial Aid Administrator (FAA)

Answer 6

i hate applying to FASFA something always goes wrong ...

i go to my financial aid office all the time for this now

good luck

Answer 7

ok i guess ur not from this country so i cant help u