FAFSA question: Parent 1 and Parent 2 income?

I'm filling out my FAFSA and am not sure how to report my parents' incomes. How do I determine which parent is 'parent 1' and which is 'parent 2'? Also, does both of their incomes need to be reported on the application?

When filling out the FAFSA, it usually doesn't matter which parent you designate as 'parent 1' and which as 'parent 2.' The distinction is simply used for organizing the information you provide. In most cases, you can choose either parent to be 'parent 1' and the other as 'parent 2.'

Yes, you will need to report the income of both parents on the FAFSA if they are married or living together. If your parents are divorced or separated and living apart, the parent you lived with most in the past 12 months is considered your "custodial parent," and only their financial information should be provided. The custodial parent's income and assets, as well as any child support received from the non-custodial parent, will be used to determine your Expected Family Contribution (EFC). If the custodial parent has remarried, you'll need to include the financial information of your stepparent as well.

It's essential to report accurate income information for both parents on the FAFSA since it's used to calculate your EFC and determine your eligibility for financial aid. Double-check that you've entered the correct amounts, and make sure to provide the necessary supporting documents when requested by your college financial aid office.