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A. STUDENT The scholarship applicant’s name should appear on the first line of the FAQ; however, the questionnaire should be completed by the parent of the applicant. An exception is if the applicant is legally classified as an independent student. The independent student must supply their financial information.
B. INCOME Information on this form should be from your completed tax return or based on estimated information to be filed by April 15. Be sure to check the appropriate box.
1. ADJUSTED GROSS INCOME This figure can be found on line 31 of your IRS form 1040 and is gross income reduced by specific deductions allowed by law.
2. US INCOME TAX PAID includes the total amount of federal income tax paid. This is not the amount withheld on your paycheck by your employer. (The amount withheld should be adjusted by refund or additional taxes due.) Do not report state tax.
3. INCOME EARNED should be reported for both parents. If the student resides with only one parent, financial information from both natural parents should be included if possible. If a parent has remarried, the spouse’s information is required if the spouse is a legal guardian of the student or claims the student as a dependent. If necessary, two FAQ forms may be submitted by the student.
4. UNTAXED INCOME and benefits include any other income or benefits not included in the adjusted gross income figure.
5. MEDICAL AND DENTAL EXPENSES Include only those expenses not paid by insurance.
6. CASH, SAVINGS. ETC Included in this figure are liquid assets which can be used for educational expenses. Not included are IRA’s or other retirement funds.
7. EXEMPTIONS Include the number of exemptions as claimed on your income tax form.
C. ADDITIONAL INFORMATION Be sure to check the appropriate box giving the current marital status of the persons for whom financial information is being submitted.
Include the total number of all family members attending post-secondary school at least half-time. (Post secondary school includes any two- or four-year college or vocational school.) Be sure to include the applicant in this number.
D. CERTIFICATION AND SIGNATURES This form should be signed by both the student and the parent completing the FAQ. Parents’ signatures are not required for an independent student. Please read certification. |
