puerto rico tax forms understanding the key elements of the puerto rico tax forms, to complete a...

Puerto Rico Tax FormsUnderstanding the key elements of the Puerto Rico Tax Forms, to complete a FAFSA

Presented by:

Luis Aquiles - Educational Financial Aid Services

Samuel Rivera – SFA Director Escuela Técnica de Electricidad

FAFSA ON THE WEB WORKSHEET:SECTION 3 - PARENTAL INFORMATION, (Q77) SECTION 4 - STUDENT FINANCES, (Q33) WHAT INCOME TAX RETURN DID YOU / YOUR PARENTS FILE FOR 2007?

77 / 33

A tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Island, the Marshall Islands, the Federated States of Micronesia, or Palau

Reference: Web – On Line: “US Territory / Freely Associated State”

Since in Puerto Rico we do not file Federal Taxes and we only have two Tax forms (Short and Long Form) we do not have an equivalent to the 1040A or 1040EZ.

The Long form reflects in its appropriate schedules all information that are required in the1040A or 1040EZ

FAFSA ON THE WEB WORKSHEET:SECTION 3 - PARENTAL INFORMATION, (Q78) SECTION 4 - STUDENT FINANCES, (Q32) If you have filed or will file a 1040, were you eligible to file a 1040A or 1040EZ

TYPES OF FORMS FOR 2007Short Form Long Form

KEY ELEMENTS IN TAX FORMIdentifiers: (name, address, SS, Filing

Status)

Adjusted Gross Income PR Tax Form

Long Form – Page 1 Part 2 line 5

Short Form - Page 1 Part 2 line 4

Federal Tax Forms

IRS 1040 Line 37IRS 1040A Line 21IRS 1040EZ Line 4

FAFSA ON THE WEB WORKSHEET:

SECTION 3 - PARENTAL INFORMATION, (Q79) SECTION 4 - STUDENT FINANCES, (Q35)

KEY ELEMENTS IN TAX FORM (LONG FORM)

• Income: Adjusted Gross Income (Page 1, Part 2, line 5)Income: Adjusted Gross Income (Page 1, Part 2, line 5)

KEY ELEMENTS IN TAX FORM (SHORT FORM)

• Income: Adjusted Gross Income (Page 1, Part 2, line 4)Income: Adjusted Gross Income (Page 1, Part 2, line 4)

Questions 35/79

Adjusted Gross Income PR Tax Form Long Form – Page 1 Part 2 line 5

Federal Tax Forms

IRS 1040 Line 36IRS 1040A

Line 21 IRS 1040 EZ Line 4Telefile Line 1

QUESTIONS 35/73

OTHER SCHEDULES THAT AFFECT THE ADJUSTED GROSS INCOME (LONG FORM)

GAIN OR LOSS FROM PROFESSIONS AND COMMISSIONS (LONG FORM)

Amount earned from work

Long Form – Page 1 Part 2, 1

Short Form – Page 1 Part 2, 1

Federal Tax Forms

IRS 1040 Line 57IRS 1040A Line 35IRS 1040EZ Line 10

FAFSA ON THE WEB WORKSHEET:

SECTION 3 - PARENTAL INFORMATION, (Q82/83) SECTION 4 - STUDENT FINANCES, (Q38/39)

AMOUNT EARNED FROM WORK

(Long Form)

(Short Form)Part 2, 1

QUESTIONS 38/39/82/83

Questions 38/39/82/83

Amount earned from work

Long Form – Page 1 Part 2, 1 Short Form – Page 2 Part 2, 1

Federal Tax Forms

IRS 1040 Line 57IRS 1040A Line 35IRS 1040EZ Line 10

Tax Liability

Long Form – Page 2 Part 4 line 30

Short Form - Page 3 Part 4 line 14

Federal Tax Forms

IRS 1040 Line 57IRS 1040A Line 35IRS 1040EZ Line 10

FAFSA ON THE WEB WORKSHEET:

SECTION 3 - PARENTAL INFORMATION, (Q80) SECTION 4 - STUDENT FINANCES, (Q36)

TAX LIABILITY (LONG FORM)(PAGE 2, PART 4, LINE 30)

Parents exemptions for 2004.

Long Form – Schedule A1 – Individual (List all exemptions claimed)

Short Form - Schedule A1 – Individual (List all exemptions claimed)

Federal Tax Forms

IRS 1040 Line 6dIRS 1040A Line 6dIRS 1040EZ Use

worksheet

FAFSA ON THE WEB WORKSHEET:

SECTION 3 - PARENTAL INFORMATION, (Q81) SECTION 4 - STUDENT FINANCES, (Q37)

SCHEDULE A1 (EXEMPTIONS CLAIMED SHORT AND LONG FORMS)

Long Form

Short Form

SIGNATURES (LONG FORM)

SIGNATURES (Short Form)

VERIFICATION WORKSHEETS

END!!

QUESTIONS?