Need Access -- 2006 Income???

[Law2k6]

Ok, so what am I supposed to do for the 2006 income section?? How in the world am I supposed to fill out the 2006 tax information??

[J D]

Estimate it based on the present year's tax figures.  These people know you don't have a crystal ball; all they want to know I think is whether you anticipate any big changes in income next year, but most people's basic income tax info stays relatively constant from one year to the next, I think.

[Erapitt]

Actually, that isn't really true.  See, the reason they probably want that is maybe you had a full time job in 2005, but will be a full time student in 2006.  That being said, you won't be making the 50K a year that you might make now and therefore might warrant some consideration in terms of your financial "need."

[jarvisa]

Just remember, if you guess your 2006 income and it is off by more than $13 either way, you get thrown in jail for 40 years.  This is why I have decided to go to join a monastery instead of going to law school.

[Law2k6]

Actually, that isn't really true.  See, the reason they probably want that is maybe you had a full time job in 2005, but will be a full time student in 2006.  That being said, you won't be making the 50K a year that you might make now and therefore might warrant some consideration in terms of your financial "need."

Right, and that's the thing. I am working full time now and will be attending school full time. So, my income will go from $$,$$$ to 0. I guess I'm just wondering if there's any catch (like some financial aid I might get might count as income) or should I just figure out what I'll make up until I quite and assume that?

[Yale College Inferno]

Right, and that's the thing. I am working full time now and will be attending school full time. So, my income will go from $$,$$$ to 0. I guess I'm just wondering if there's any catch (like some financial aid I might get might count as income) or should I just figure out what I'll make up until I quite and assume that?

So that we may assist you better, please remove the $$,$$$ signs and enter your actual income to the nearest 10-cent increment. 

[thenextstep]

Remember that 2006 income is for the 2006 tax year (i.e. starting Jan 1, 2006) so you will have some income there if you have income right now.  It's not 2006-2007 academic year income, which is another question I think.

[wunder]

I just estimated my 2006 income (Jan-Dec) which is depressing,  because I'm quitting my job in August and my husband is quitting in May (to study for the as-yet-unnamed state bar exam).  I got to put a lengthy addendum on the end explaining that I won't be working and my husband won't be getting his bar results until November so we have no idea when he will be able to get a job.  I hope that suffices.

[tomato_penguins]

On my estimated 2006 income (I'll have the same job for the first 7 months) do I just take 7/12th of my 2005 income to come up with the expected income for 2006?

[thenextstep]

Seems logical so long as you don't think you'll make any money at all after that.