Get the free 2016-2017 Family Resource Income Statement - missouristate

Office of Student Financial Aid Phone: 18002834243 (417) 8365262 Fax: (417) 8368392 Email: Financial MissouriState.edu 901 S National Avenue Springfield, MO 65897 20162017 Family Resource & Income

How to fill out 2016-2017 family resource income

How to fill out 2016-2017 family resource income:

1. Gather all relevant financial documents: To accurately fill out the family resource income for 2016-2017, gather all necessary financial documents such as tax returns, bank statements, investment statements, and any other sources of income for the specified period.
2. Calculate total income: Calculate the total income earned by the family during the 2016-2017 period. This includes income from employment, self-employment, rental properties, dividends, interest, and any other sources.
3. Include government benefits: If the family received any government benefits during the specified period, make sure to include them in the family resource income. Examples of government benefits may include social security, disability benefits, unemployment compensation, or welfare payments.
4. Deduct non-taxable income: Some forms of income may be non-taxable and should be deducted from the total income. This may include child support payments, adoption assistance, certain scholarships or fellowships, and other non-taxable income sources.
5. Determine adjusted gross income: Adjusted Gross Income (AGI) is the total income after deducting certain adjustments. Calculate the AGI by subtracting any eligible adjustments such as student loan interest, IRA contributions, or other deductible expenses from the total income.
6. Report accurate information: Fill out the 2016-2017 family resource income form accurately, ensuring that all necessary information is provided. Double-check for any errors or missing information before submitting the form.

Who needs 2016-2017 family resource income?

1. Students applying for financial aid: For students who are applying for financial aid for the 2016-2017 academic year, providing the family resource income is typically required. This information is used to determine the student's eligibility for various forms of financial aid, such as grants, scholarships, or loans.
2. Government assistance programs: Individuals or families applying for government assistance programs, such as Medicaid, SNAP (Supplemental Nutrition Assistance Program), or housing assistance, may be required to provide the 2016-2017 family resource income. This information helps assess the eligibility and level of assistance provided.
3. Tax purposes: The 2016-2017 family resource income may be required to correctly file income tax returns for that period. This information is essential for calculating tax liability, determining eligibility for certain tax credits or deductions, and ensuring compliance with tax regulations.

It is important to note that the specific requirements for submitting 2016-2017 family resource income may vary depending on the institution or program requesting this information. It is advisable to refer to the guidelines provided by the relevant organization or consult a financial advisor for accurate and up-to-date instructions.

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What is family resource income statement?

Family resource income statement is a document that shows a family's financial resources and expenses.

Who is required to file family resource income statement?

Any individual or family receiving financial assistance or benefits may be required to file a family resource income statement.

How to fill out family resource income statement?

To fill out a family resource income statement, you will need to provide detailed information about your income, expenses, assets, and liabilities.

What is the purpose of family resource income statement?

The purpose of a family resource income statement is to assess a family's financial situation and determine eligibility for assistance programs.

What information must be reported on family resource income statement?

Information such as income sources, expenses, assets, debts, and any other financial resources must be reported on a family resource income statement.