Use the list below as a guide on where to find certain information in your W2/1040 or other related tax documents:
Taxable Income
Total salaries and wages - list each parent or guardian's combined gross total of salaries and wages. Found in box 1 of your W2.
Dividend and interest income - list the combined gross total of any dividends or interest payments received by the end of the current year. Dividend totals are line 2b and Interest totals are line 3b of your 1040.
Self employment income - exclude any amount indicated in the "Total Salaries and Wages" section. This is line 3 from Schedule 1 of your 1040.
Capital gains - this includes any realized capital gains received by the end of the current year. This is line 7 of your 1040.
Other taxable income - add any taxable social security, pension and annuities, IRA distributions and anything else listed on schedule 1 of your 1040 here.
Business Income
Gross profit - gross profit/gross income is the revenue earned before taxes and other deductions. Make sure this is consistent with your corresponding tax returns.
Net Income - net Income/net profit is the profit left after deducting total business expenses from your gross income. Make sure this is consistent with your corresponding tax returns.
Value of business assets - if you have completed a financing or 409a within the last two years, please use that valuation. Otherwise, please estimate.
Total liabilities - liabilities are debts or any other obligations in which your business owes money currently or in the future.
For Net Income:
Miscellaneous Income - Form 1099 - Line 7
Business Schedule C - Line 31
Business Schedule C-EZ - Line 3
Farm - Schedule F - Line 34
Estates and Trusts - Form 1041 - Line 22
Partnership - Form 1065 - Line 22
Corporation (short form) - Form 1120A - Line 26
C Corporation - Form 1120 - Line 30
S Corporation - Form 1120S - Line 21