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INSTRUCTIONS FOR COMPLETING THE FINANCIAL DATA SECTION OF THE APPLICATION (U.S. and Canadian applicants only)
The Financial Data section of the application should be completed by the parent/guardian of a dependent child or by the applicant if independent or spouse or domestic partner of those persons who died or were permanently disabled. Information should be from a completed tax return or based on estimated information to be filed with the IRS/Revenue Canada. (This information is not applicable for non-U.S./Canadian residents. A separate financial data form will need to be completed.)
- State/Province of Residence is the state/province where the parent/guardian, spouse, domestic partner or applicant reside and pay state/province income tax.
- Adjusted Gross Income can be found on IRS FORM 1040 and is gross income reduced or increased by specific adjustments allowed by law. For Canadian applicants, report Taxable Income.
- Total U.S./Canadian Federal Tax Paid includes the total amount of federal income tax to be paid as reported on IRS FORM 1040. This is not the amount withheld from employees' paychecks. (The amount withheld should be adjusted by any refund or additional taxes due.) Do not report state/province income tax.
- Total Income earned should be reported individually for the parent/guardian, or spouse or domestic partner or for the applicant and spouse. Financial information must be received from the parent who claims the child as a dependent for tax purposes.
- Untaxed Income and Benefits (for U.S. applicants only) include any other income or benefits not included in the adjusted gross income figure. Do not include untaxed contributions to retirement plans.
- Medical and Dental Expenses include only those expenses not paid by insurance. Do not include premium payments.
- Total Cash, Checking, Savings, Cash Value of Stocks, etc. include liquid assets that can be used for educational expenses. Not included are IRA, 401k, RRSP, or other retirement plan funds.
- Total Number of Family Members living in the household and primarily supported by the reported income includes dependent college students living away from home.
- Be sure to check the appropriate box giving the current marital status of the parent/guardian, spouse, domestic partner or applicant from whom the financial information is submitted.
- Total Number of Family Members Attending College includes all family members attending a two- or four-year college, university, or vocational-technical school at least half-time. Be sure to include the applicant in this number.
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