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Author Topic: FAFSA: How do I estimate income tax paid before I file my 1040?  (Read 941 times)

Electric Counterpoint

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FAFSA: How do I estimate income tax paid before I file my 1040?
« on: January 06, 2007, 03:22:46 PM »
Alright, so I know I can estimate income and etc., and that's easy enough. But I'm at the point of the FAFSA now where it's asking me to "Enter the amount of the student's (and his/her spouse's) income tax for 2006 (question 36)."

I haven't received my W2, any of my 1099s, and I know I have to file a Schedule D for capital gains (so much for being a responsible little investor!  >:(). So is there a good way to estimate my taxes?

Should I just do [withholding on my W2 job] + [my income tax rate * income from 1099 jobs] + [my income tax rate * capital gains] and write that total in? Should I try to fudge my way through a 1040 now, just estimating values, and use that total? Help!
Former mostly-anonymous admissions cycle blogger. Current law student.

sram

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Re: FAFSA: How do I estimate income tax paid before I file my 1040?
« Reply #1 on: January 06, 2007, 05:22:46 PM »
They allow you to leave it blank, and they will fill it in automatically based on 2006 tax tables...you will see when you go through the application (it's not indicated on the worksheet)
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Electric Counterpoint

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Re: FAFSA: How do I estimate income tax paid before I file my 1040?
« Reply #2 on: January 06, 2007, 05:52:06 PM »
They allow you to leave it blank, and they will fill it in automatically based on 2006 tax tables...you will see when you go through the application (it's not indicated on the worksheet)

Really?! Thing is, I'm doing the online app, not the worksheet, and it didn't autofill. Hmm, I'll go back and check that out, although I already went through the 1040 and about a dozen associated forms. I hope you're right!
Former mostly-anonymous admissions cycle blogger. Current law student.

sram

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Re: FAFSA: How do I estimate income tax paid before I file my 1040?
« Reply #3 on: January 06, 2007, 05:58:15 PM »
Read the sidebar next to income tax.  It won't autofill, but the text tells you that you can leave it blank
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