Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

I am filling out a FAFSA for my daughter who is starting…

Customer Question
I am filling out...

I am filling out a FAFSA for my daughter who is starting college in September 2018. I was married in 2016 and filed my taxes as joint-married. I am now divorced as of 2-2017 and need to fill out the FAFSA with only my information. I am having trouble figuring out my adjusted gross income.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I think that is it.

Submitted: 10 months ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 1 minute by:
11/7/2017
Financial Professional: Lev, Tax Preparer replied 10 months ago
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 33,712
Experience: Personal Investment, Tax Preparation
Verified

Can you specify in which state you live?
Is that a community property state?

Ask Your Own Finance Question
Customer reply replied 10 months ago
I live in Massachusetts
Customer reply replied 10 months ago
Hello??
Financial Professional: Lev, Tax Preparer replied 10 months ago

Massachusetts is NOT a community property state - that means

- for YOUR Adjusted Gross Income (AGI) only - you will need to prepare your tax return as if you were filing as single

- and that amount will be on form 1040 last line.

That will be for calculations only - and you do not need to send that form to anyone - but will keep as supporting document.

Let me know if you need any help with calculations.

Ask Your Own Finance Question
Customer reply replied 10 months ago
I already filed for 2016 as married. Fafsa wants my income from 2016. So do I just give them my information without the IRA withdrawal?
Financial Professional: Lev, Tax Preparer replied 10 months ago

IRA distributions are included into AGI - you will need to add these amounts to your other income.

What other income items dis you had?

Ask Your Own Finance Question
Customer reply replied 10 months ago
fafsa only wants my information. If we took out 46,000 would I add half of that to my gross income?
Financial Professional: Lev, Tax Preparer replied 10 months ago

That would be correct if you live in a community property state - income is divided equally.

But in Massachusetts - you will need to report your income only as it is reported to the IRS on W2, 1099s, etc.

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2,614
2,614 Satisfied Customers
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Rakhi Vasavada is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,614 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I would like to finance my daughter's college tuition she is
I would like to finance my daughter's college tuition she is attending a private college ,cost about 70k a year ,where do I start?… read more
Lev
Lev
Tax Preparer
33,712 satisfied customers
I filled Fafsa -2015 and 2015-2016. I was wondering
I filled Fafsa for 2014-2015 and 2015-2016. I was wondering if the 2015-2016 one covers me for the summer semester right? I do not need to file another one for 2016-2017 if I want to study in the summ… read more
Expert
Expert
A adult is applying for graduate school. He is also applying
A young adult is applying for graduate school. He is also applying for financial aid via FAFSA. If the young adult was filing the tax return as a dependent of someone else for 2016, will it affect gra… read more
Lev
Lev
Tax Preparer
33,712 satisfied customers
Looking for someone with good knowledge of navigating and
looking for someone with good knowledge of navigating and adjusting personal finance situation to lower expected family contribution as it relates to the FAFSA score and more.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I face steep college expenses for my three daughters over
Hi there,I face steep college expenses for my three daughters over the next few years and am looking for tips on how to best manage them from a tax standpoint.I am a software consultant. I bill client… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,950 satisfied customers
I used to be able to file an income tax deduction for my
I used to be able to file an income tax deduction for my lifetime learning credit, having an income of about $63,000 / year. I'm having trouble understanding the revisions to that. Also, how might my … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I've got two questions... 1. We've got a senior in high
1. We've got a senior in high school who wants to study Tuba Performance in college. We had to buy him a $11K tuba. We'd like to deduct this as a valid secondary education expenese. But when I try to fill that in using Turbo Tax, it asks where he's enrolled now. Is there a way we can deduct this? We had to buy it BEFORE college starts in the fall and we needed it early for his acceptance auditions. … read more
Lev
Lev
Tax Preparer
33,712 satisfied customers
The date to submit the FAFSA form to determine college
The date to submit the FAFSA form to determine college financial aid begins on January 1 and I am unsure which direction to go. I am divorced and will have twins in college next year, along with a you… read more
Lev
Lev
Tax Preparer
33,712 satisfied customers
How is FAFSA working? My school starts in May 2015.It ends
How is FAFSA working? My school starts in May 2015.It ends in August 2016. I qualify a year. So does that mean that I can apply 2015-2016 and 2016-2017? and i can get up to a maximum of 25000?… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
My daughter and I will be filing FAFSA for her on Jan. 1. Her
My daughter and I will be filing FAFSA for her on Jan. 1. Her father and I are divorced, I have sole custody, he does not pay child support, we put money into a Bright Start account as part of the div… read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
332 satisfied customers
My wife has twins from her prior marriage, and they are off
My wife has twins from her prior marriage, and they are off to college this week. We file taxes jointly. When filling out the FAFSA form, it is all about income, income, income and never takes into ac… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
How to figure out College Financial Aid? How to I figure
How to figure out College Financial Aid? How to I figure out the FAFSA that we will get for my child? Do I use my 2012 income? I have been out of work since Dec 2012, how does that figure into financi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I want to make sure I am doing my fasfa correct- I was advised
I want to make sure I am doing my fasfa correct- I was advised by a person in financial aid class of the following- I am divorced with 2 sons. The mother is primary and I pay child support to the moth… read more
TaxTom
TaxTom
Accountant
Bachelor's Degree
14 satisfied customers
My daughter (HS Senior) and I are trying to complete FAFSA
My daughter (HS Senior) and I are trying to complete FAFSA to see how / if she qualifies for college scholarships / grants. She worked very little at a part-time job before Christmas. She is claimed a… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,614 satisfied customers
I am a parent of a daughter in college. I received an inheritance
I am a parent of a daughter in college. I received an inheritance from my late mothers estate. A check of 166,000.00. I havent cashed it yet. My daughter recieves a partial scholarship which I think i… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
76 satisfied customers
Can I say my daughter who is attending grad school is living
When filling out the fafsa for my son entering college in the fall, Can I say my daughter who might be attending grad school is a college student living in our house on my sons fafsa? she is graduatin… read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
332 satisfied customers
What do I do for our daughter who is accepted to UBuffalo for
What do I do for our daughter who is accepted to UBuffalo for pre-pharmacy who's dad lost his job this past March? We filled out FAFSA and our family contribution for each of our daughter's was approx… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
86 satisfied customers
I am very confused about when to start applying for financial
I am very confused about when to start applying for financial aid. In particular when to fill out the FAFSA. My son is in the process of applying for undergraduate admission during the 2010-2011 schoo… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x