Back to FAFSA® Guide 2024-25
Here’s how to correctly answer 2024-25 FAFSA® parent tax questions, provide consent for IRS electronic information transfer, and add your signature.
FAFSA® parent household information questions
FAFSA® other parent basic information questions
Providing consent to transfer federal tax information from the IRS
Why do they need this info?
- The FAFSA® lets you have your income and tax information transferred directly from the Internal Revenue Service (IRS) to your FAFSA®.
Can I skip these questions?
- Yes, but providing consent allows you to skip nearly all of the remaining income and tax questions on the FAFSA (question 38 on the paper version; question 41 is where you provide consent).
- In addition, if you don’t provide consent, your FAFSA® will not calculate an index number and your student won’t be eligible for federal financial aid.
How to answer these questions
- Check “Consent to transfer federal tax information from the Internal Revenue Service” (question 41 Parent Consent and Signature on the paper version).
- Enter your signature and the date.
41 Parent Consent and Signature
Refer to the consent terms on page 4. By filling in the answer circle below and signingthis form, the parent agrees to the terms set forth on page 4. If the parent does not provide consent by filling in the circle and providing their signature, we cannot process this FAFSA form.
- Consent to transfer federal tax information from the Internal Revenue Service (IRS)
- Parent signature
- Date signed
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Parent tax filing status
Why do they need this info?
- The FAFSA® looks at parent tax returns and other financial info when figuring out the student’s financial aid eligibility.
Can I skip these questions?
- Yes, as long as you provide consent to transfer federal tax information from the IRS.
- Your FAFSA® will not be processed unless you provide this consent.
- On the paper form, you can skip all of question 38 as long as you provide electronic transfer consent in question 41.
- The FAFSA® will import your tax return info into your application once you’ve provided consent.
How to answer these questions
- Select yes if you filed a 2022 IRS Form 1040 or 1040-NR or plan to. Also select yes if you filed or will file a tax return with Puerto Rico or another U.S. territory.
- Select yes if you earned income in a foreign country or were employed by an international organization like the United Nations, World Bank, or International Monetary Fund.
- Select no if these situations don’t apply to you.
37 Parent Tax Filing Status
Did or will the parent file a 2022 IRS Form 1040 or 1040-NR?
Yes
No
If the answer is “No,” indicate which one of the following situations applies to the parent for 2022: If one of the options in the second column below is selected and the parent is unmarried, questions 38-40 can be skipped.
- The parent filed or will file a tax return with Puerto Rico or another U.S. territory.
- The parent filed or will file a foreign tax return.
- Either the parent earned income in a foreign country but still did not and will not file a foreign tax return or they were an employee of an international organization that did not require them to file a tax return. Such international organizations include, for example, the United Nations, World Bank, and International Monetary Fund.
- The parent, even though they earned income in the U.S., did not and will not file a U.S. tax return because their income was below the tax filing threshold.
- The parent did not and will not file any tax return because they did not earn any income.
- The parent did not and will not file a U.S. tax return for reasons other than low income.
Did or will the parent file a 2022 joint tax return with their spouse?
Yes
No
Parent 2022 tax return info
Why do they need this info?
- If your student is dependent, the FAFSA® needs your tax return info to figure out your student’s financial need. Your student is considered dependent if all of the following statements are true:
- The student was born after the year 2000.
- The student’s current marital status is Single (never married), Divorced, Separated or Widowed. (question 3 on the FAFSA® paper version)
- The student’s college grade level will be first-year, second-year, or other undergraduate. (question 4 on the FAFSA® paper version)
- They answered “None of these apply” to the Student Personal Circ*mstances question. (question 5 on the FAFSA® paper version).
- They answered no to the Student Other Circ*mstances and Student Unusual Circ*mstances questions (questions 6 and 7 on the FAFSA® paper version).
- Married couples filing separately will need to provide tax info for the student’s other parent in the next section.
Can I skip these questions?
- Yes, as long as you provide consent to transfer federal tax information from the IRS. Your FAFSA® will not be processed unless you provide this consent.
- On the paper form, you can skip all of question 38 as long as you provide electronic transfer consent in question 41.
- The FAFSA® will import your tax return info into your application if you’ve provided consent.
How to answer these questions
- Check “Consent to transfer federal tax information from the Internal Revenue Service” (question 41, Parent Consent and Signature on the paper version).
38 Parent 2022 Tax Return Information
Convert all currency to U.S. dollars. If the answer is zero or the question does not apply, enter 0.
If the answer is negative, completely fill the circle ( – ) after the answer box.
- Filing status
Single
Head of household
Married filing jointly
Married filing separately
Qualifying surviving spouse
- Income earned from work
IRS Form 1040—line 1 (or IRS Form 1040-NR—line 1a) +
Schedule 1—lines 3 + 6
- Tax exempt interest income
IRS Form 1040: line 2a
- Untaxed portions of IRA distributions
IRS Form 1040: line 4a minus 4b
- IRA rollover into a qualified plan
IRS Form 5498
- Untaxed portions of pensions
IRS Form 1040: line 5a minus 5b
- Pension rollover into a qualified plan
IRS Form 5498
- Adjusted gross income
IRS Form 1040: line 11
- Income tax paid
IRS Form 1040: line 25d
- Did the parent receive the earned income tax credit (EITC)? IRS Form 1040: line 27a
Yes
No
Don’t know
- IRA deductions and payments to self-employed
SEP, SIMPLE, and qualified plans
IRS Form 1040 Schedule 1: total of lines 16 + 20
- Education credits
(American Opportunity and Lifetime Learning credits)
IRS Form 1040 Schedule 3: line 3
- Did the parent file a Schedule A, B, D, E, F, or H with their 2022 IRS Form 1040?
Yes
No
Don’t know
- Net profit or loss from IRS Form 1040 Schedule C
IRS Form 1040 Schedule C: line 31
- Amount of college grants, scholarships, or AmeriCorps benefits reported as income to the IRS (Optional)
The parent paid taxes on these grants, scholarships, or benefits. These usually apply to those renewing their FAFSA form, not to first-time applicants.
- Foreign earned income exclusion
IRS Form 1040 Schedule 1: line 8d
Annual child support received
Why do they need this info?
- FAFSA® factors in the amount of child support you received when calculating your student’s eligibility for aid.
- Child support isn’t reported with your tax returns, so you need to enter it here.
Can I skip this question?
No, but you can answer zero (0) if you didn’t receive child support.
How to answer this question
- Enter any child support you received in the calendar year 2022.
- Enter zero (0) if you didn’t receive any.
39 Annual Child Support Received
Enter total amount the parent received in child support for the last complete calendar year. If the answer to question 32 was “Married,” “Remarried,” or “Unmarried and both legal parents living together,” enter the combined amount the parent and their spouse received.
Parent assets
Why do they need this info?
The FAFSA® requires details about your (and your spouse’s, if you’re married) financial assets to help calculate your student’s financial need.
Can I skip this question?
No
How to answer these questions
- Enter the current total of any cash you have, and the combined total of all your (and your spouse’s) checking and savings accounts.
- Enter the total value of your (and your spouse’s) investments, subtracting any debts.
- Enter the current value of your (and your spouse’s) businesses and/or farms, subtracting any debts owed on them.
- If the value of any of your assets is negative, enter a “0”.
What else should I know?
Net worth means the current value, as of today, of investments, businesses, and/or investment farms, minus debts related to those same investments, businesses, and/or investment farms. When calculating net worth, use 0 for investments or properties with a negative value.
Investments include real estate (do not include the home in which you live), rental property (which may include a unit within a family home that has its own entrance, kitchen, and bath rented to someone other than a family member), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, etc.
Investments also include qualified educational benefits or education savings accounts (e.g., Coverdell savings accounts, 529 college savings plans, and the refund value of 529 prepaid tuition plans). For a student who does not report parental information, the accounts owned by the student (and/or the student’s spouse) are reported as student investments in question 22. For a student who must report parental information, the accounts are reported as parental investments in question 40, including all accounts owned by the student and all accounts owned by the parents for any member of the household.
Investments do not include the home you live in, the value of life insurance, ABLE accounts, retirement plans (401[k] plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.) or cash, savings and checking accounts reported in the previous question.
Investments also do not include UGMA and UTMA accounts for which you are the custodian, but not the owner.
Investment value means the current balance or market value of these investments as of today. Investment debt means only those debts that are related to the investments.
Business and/or investment farm value includes the market value of land, buildings, machinery, equipment, inventory, etc. Business and/or investment farm debt means only those debts for which the business or investment farm was used as collateral.
40 Parent Assets
If the answer to question 32 was “Married” or “Remarried,” or “Unmarried and both legal parents living together,” enter the combined amounts held by the parent and their spouse.
Current total of cash, savings, and checking accounts
$
Don't include student financial aid.
Current net worth of investments, including real estate
$
Don’t include the home the student lives in.
Net worth is the value of the investments minus any debts owed against them.
Current net worth of businesses and investment farms
$
Enter the net worth of the parent’s businesses or for-profit agricultural operations. Net worth is the value of the businesses or farms minus any debts owed against them.
2024-25 FAFSA® questions
Choose the FAFSA® questions you would like help with
Student information
FAFSA® student basic information
FAFSA® student household information
FAFSA® student demographics
FAFSA® student high school information
Student financial information
FAFSA® student income tax information
FAFSA® student assets information
FAFSA® student college information
Student spouse information
FAFSA® student spouse information
Parent information
FAFSA® parent basic information
FAFSA® parent household information
FAFSA® parent income tax information
Other parent information
FAFSA® other parent basic information
FAFSA® other parent income tax information
Preparer information
FAFSA® preparer information
footnote Sallie Mae does not provide, and these materials are not meant to convey, financial, tax, or legal advice. Consult your own financial advisor, tax advisor, or attorney about your specific circ*mstances.
footnote FAFSA® is a registered service mark of U.S. Department of Education, Federal Student Aid.
footnote External links and third-party references are provided for informational purposes only. Sallie Mae cannot guarantee the accuracy of the information provided by any third parties and assumes no responsibility for any errors or omissions contained therein. Any copyrights, trademarks, and/or service marks used in these materials are the property of their respective owners.
