Parent Income Info for FAFSA

Hey, I've been wondering how to find my parent's income from work for the FAFSA. What would be the best way to obtain this info and where should I be looking? It's my first time doing this, so I'd appreciate any advice you can give me!

Hi there! To complete the FAFSA, you'll need your parents' income information, specifically from their tax returns. The best way to obtain this information is to ask your parents for a copy of their most recent federal income tax return (Form 1040, 1040A, or 1040EZ). Keep in mind that you'll need the tax return data from two years prior to the academic year for which you're applying for financial aid. For example, if you're applying for aid for the 2023-2024 school year, you'll need their 2021 tax return data.

Once you have access to their tax return, look for the Adjusted Gross Income (AGI) on the form, as this is the figure that you'll need for the FAFSA. For the 2021 tax returns, you can find the AGI on line 11 of Form 1040 and line 8b of the 1040EZ. You will also need additional financial information such as bank statements, investment records, etc., so be sure to gather those as well.

In some cases, if your parents have already filed their taxes and they're eligible, you can use the IRS Data Retrieval Tool (IRS DRT) available within the FAFSA application to directly import your parents' tax information. This tool can save time and reduce the chances of making errors when entering the data.

Finally, don't hesitate to ask your parents for assistance or clarification on any financial data you are unsure about. It's important to provide accurate information in your FAFSA to ensure you're eligible for the appropriate amount of financial aid. Good luck with your application!