What is the difference between my adjusted gross income for federal income tax purposes and the income figure you use to determine the family contribution?
Because the federal tax code has many purposes that include providing incentives for certain activities, it allows several adjustments to income that are not allowed in the determination of the EFC. An example of a tax–advantaged allowance against income is the depreciation of business assets. Our determination of the EFC adds such allowances back to the AGI.
Related Questions
- What is the difference between my adjusted gross income for federal income tax purposes and the income figure you use to determine the family contribution?
- What figure from our familys tax forms should I enter for income in the application: total income, adjusted gross income, or taxable income?
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