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FinAid | FAFSA - IRS Data Retrieval Tool

The IRS Data Retrieval Tool allows applicants who have already filed their federal income tax returns to prefill the answers to some questions on the Free Application for Federal Student Aid (FAFSA) by transferring data from their federal income tax returns. This can save the family some time in completing the FAFSA. It may also reduce the likelihood that your FAFSA will be selected for...

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FinAid | Calculators | Expected Family Contribution (EFC ...

Student Information:

The following questions ask whether you (and your spouse) were eligible to file one of the simpler tax forms, not which form was actually filed.

Were you (or...

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FinAid | Education Tax Benefits | Student Loan Interest ...

Borrowers of qualified education loans may deduct up to $2,500 in interest on their federal income tax returns as an above-the-line exclusion from income. This includes interest paid on federal and private education loans. This deduction may be taken even if the taxpayer does not itemize.

Amount of the Deduction

You can deduct up to $2,500 in interest on a qualified education loan. The deduction...

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FinAid | Answering Your Questions | Glossary

The process of assembling a financial aid package.

Parent Contribution (PC)

An estimate of the portion of your educational expenses that the federal government believes your parents can afford. It is based on their income, the number of parents earning income, assets, family size, the number of family members currently attending a university and other relevant factors. Students who qualify as...

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Related topics : income tax return home loan interest / income tax return education loan / file late federal income tax return / federal tax filing income requirements / file federal income tax return free

FinAid | Saving for College | State Tax Deductions for 529 ...

Many states give the account owner a full or partial state income tax deductions for their contributions to the state's section 529 plans. So far a total of 34 states and the District of Columbia offer such a deduction.

California, Delaware, Hawaii, Kentucky, Massachusetts, Minnesota, New Jersey, North Carolina and Tennessee currently have state income taxes but do not offer a state income tax...

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Related topics : state tax deduction / state tax return nevada / tax return fees deductible / state tax / tax return with no income

FinAid | Saving for College | Tax Savings from Child Asset ...

Whether an account is owned by the child or a parent can affect the amount of income taxes due on the account's earnings. It is worth considering the tax impact of who owns the account since this can have financial implications for the overall return on investment.

Child Tax Liability

Children do not pay taxes on the first $950 in annual income (2010), due to the standard deduction. Subsequent...

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Related topics : earned income tax return / tax return and child support / tax return and child benefit / income tax return due / child tax return