Finding Parent 2 Income on 1040

Hey everyone, I'm helping my parents fill out my financial aid forms and I'm having trouble finding where the Parent 2 Income information is located on the 1040 tax form. Can anyone help me figure this out? Thanks in advance!

Hey there! I'm happy to help. To find the Parent 2 Income information on the 1040 tax form, you'll need to refer to the page 1 of the form. Specifically, look for the section labeled "Income". In this section, you'll first find the "Salaries and Wages" line, which is Line 1. If both of your parents are working, their combined salaries should be reported on this line. To isolate Parent 2 Income, you'll need to subtract Parent 1 Income from the total salaries and wages.

If Parent 2 has additional income from other sources, like taxable interest (Line 2), dividends (Line 3), or capital gains (Line 7), you'll need to add those amounts to the Parent 2 Income as well. Just make sure to only include the income sources specifically applicable to Parent 2.

Having said that, keep in mind that each family's financial situation is unique, so I recommend double-checking the information on the tax form to ensure accuracy when reporting the Parent 2 Income on your financial aid forms. Good luck with your financial aid application!