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2020 Parent financial summary and tax form


Instructions: 
1. Complete the following financial summary form.
2. Submit a copy of the parent's 2018 OR 2019 tax return information.
3. In a separate envelope, send us your payment for the application fee and refundable program deposit, all signed program waivers, the cover sheet, and a photocopy (not the original) of your entire Federal 1040 Tax Return. Please block out any social security numbers, but do not block out names of family members. Please label all documents with your student's first and last name. Please refer to the CH Application Instructions and Waivers document for further info and complete explanation.

Important: If parents are divorced, separated, not married and living together, or single, we request (if possible) that the Federal 1040 Tax Return and Parent Financial Summary & Tax Form be completed by BOTH the custodial and non-custodial parents. We need to understand the structure of both families in order to provide your family accurate financial aid counseling.

Please send this documentation to us at the following address:
Amelia Caté, Program Associate
College Horizons
PO Box 1262
Pena Blanca, NM 87041
Basic Info




Income Tax Filing



Family Structure for Financial Aid Counseling










Expected Family Contribution Worksheet
This REQUIRED information is used to calculate the Expected Family Contribution (EFC). These questions are asked on the FAFSA Form and are taken from the collegeboard.org EFC Calculator to determine federal aid eligibility.




Federal Assistance & Dislocated Worker





Financial Hardship


Household Information


Please indicate the relationship and age for each family member in the parents' household below - to add a person(s), click the "Add a person" button on the lower left corner of this grid.

EXAMPLES:
Relationship: Mother; Age: 45
Relationship: Brother; Age: 10
Relationship: Age
Household Member
Household Member
Household Member
Household Member
Household Member


How many household members listed on the tax return (including parents) are currently in college? Do not include siblings who file as independents.


Based on info from your 2018 or 2019 filed income tax return(s):
Please enter dollar amounts into the boxes below, rounded to the nearest dollar.







Adjusted gross income (AGI) is your income from all taxable sources (e.g., wages, interest, and dividend income), minus certain adjustments, reported on your federal income tax return.

Adjusted gross income (AGI) is your income from all taxable sources (e.g., wages, interest, and dividend income), minus certain adjustments, reported on your federal income tax return.


Please enter wages, salaries, tips, commissions, and business or farm income for each person. This information can be found on US Tax Form 1040 line 1, 1040 Schedule 1 lines 12 and 18, Schedule K box 14. If the amount on line 12 or 18 of the IRS Form 1040 Schedule 1 or Schedule K are negative, treat them as zero. If a person who is entering information is not married but filed a joint return, report only the earnings of that person.

Please enter wages, salaries, tips, commissions, and business or farm income for each person. This information can be found on US Tax Form 1040 line 1, 1040 Schedule 1 lines 12 and 18, Schedule K box 14. If the amount on line 12 or 18 of the IRS Form 1040 Schedule 1 or Schedule K are negative, treat them as zero. If a person who is entering information is not married but filed a joint return, report only the earnings of that person.

Please enter wages, salaries, tips, commissions, and business or farm income for each person. This information can be found on US Tax Form 1040 line 1, 1040 Schedule 1 lines 12 and 18, Schedule K box 14. If the amount on line 12 or 18 of the IRS Form 1040 Schedule 1 or Schedule K are negative, treat them as zero. If a person who is entering information is not married but filed a joint return, report only the earnings of that person.


Enter the combat pay or special combat pay that you (and/or your spouse, if applicable) received that was taxable and included in your adjusted gross income (AGI). Do not enter untaxed combat pay reported in W-2 box 12, Code Q.

Enter the combat pay or special combat pay that you (and/or your spouse, if applicable) received that was taxable and included in your adjusted gross income (AGI). Do not enter untaxed combat pay reported in W-2 box 12, Code Q.


This includes: Child support received for all children, Deductible IRA and/or Keogh payments, Payments to tax-deferred pensions, Untaxed portions of IRA distributions or pensions (EXCLUDING "rollovers"), Health savings account deduction, Housing, food, and other living allowances (Do not include on-base housing or basic military housing allowances), Tax-exempt interest income, Non-education VA benefits, All other untaxed income.

This includes: Child support received for all children, Deductible IRA and/or Keogh payments, Payments to tax-deferred pensions, Untaxed portions of IRA distributions or pensions (EXCLUDING "rollovers"), Health savings account deduction, Housing, food, and other living allowances (Do not include on-base housing or basic military housing allowances), Tax-exempt interest income, Non-education VA benefits, All other untaxed income.


American Opportunity Tax Credit: A family may claim a tax credit of up to $2,500 per year for each eligible family member enrolled at least half-time in the first four years of undergraduate study. The amount of the credit depends in part on the family's income and is based on the qualified tuition and related expenses paid by the taxpayer. Lifetime Learning Tax Credit: A family may claim a tax credit of up to $2,000 per year for all eligible family members. To be eligible, the student must be claimed by the taxpayer, and must be taking courses at an eligible school, but does not necessarily have to be enrolled in a degree program or enrolled half-time.

American Opportunity Tax Credit: A family may claim a tax credit of up to $2,500 per year for each eligible family member enrolled at least half-time in the first four years of undergraduate study. The amount of the credit depends in part on the family's income and is based on the qualified tuition and related expenses paid by the taxpayer. Lifetime Learning Tax Credit: A family may claim a tax credit of up to $2,000 per year for all eligible family members. To be eligible, the student must be claimed by the taxpayer, and must be taking courses at an eligible school, but does not necessarily have to be enrolled in a degree program or enrolled half-time.


Do not use the amount of "federal income tax withheld" from a W-2 form. Also, make sure this amount does not include any FICA, self-employment, or other taxes from Form 1040. For the parents' income taxes paid, if the student's parents are not married and filed a joint return, only report the portion of taxes levied on the wages for the parent with whom the student is living.

Do not use the amount of "federal income tax withheld" from a W-2 form. Also, make sure this amount does not include any FICA, self-employment, or other taxes from Form 1040.


Report the total amount of child support paid to a former spouse, or because of a legal obligation, for dependent children living outside the student's home. Don't include child support received for support of dependent children living in the student's home.



Report the value of cash, savings, and checking as of today. Don't enter average monthly balances.

Report the value of cash, savings, and checking as of today. Don't enter average monthly balances.






Business/Farm Questionnaire

If you own a business, report the calculated equity (value minus debt). To determine the value, include the value of land, buildings, machinery, equipment, inventories, etc. To determine the debt, include only the current pay-off amount of the mortgage and related debts for which the business was used as collateral. If you are not the sole owner(s), enter only your share of the total equity.

Workers are considered to be full-time equivalent (FTE) employees if their total combination of hours worked equals the same as hours worked by full-time employees. (Example, two 20-hour-per-week employees would equal one full-time equivalent employee.) Please answer "Yes" if the business employs over 100 full-time or full-time equivalent employees.

If you own a farm, report the calculated equity (value minus debt). To determine the value, include the value of land, buildings, machinery, equipment, livestock, inventories, etc. Don't include the home if it is part of the farm. To determine the debt, include only the current pay-off amount of the mortgage and related debts for which the farm was used as collateral. If you are not the sole owner(s), enter only your share of the total equity.