Tax Primer - For Parents Completing the SSS Parents’ Financial Statement (PFS)

Sep 19, 2026

Upload by Connor

Tax Primer for parents explains which key IRS tax forms help accurately complete the SSS Parents’ Financial Statement (PFS). It states that it is not a complete survey of every possible form, but instead focuses on the main forms families typically need to have available. The primer covers Form W-2, Form 1040, Form 1040 Schedule 1, Schedule C, and Form 1099-NEC, answering what each form is used for, what it looks like, and which specific PFS lines matter most, including guidance to match filing status and dependent information.

LanguageEnglish

CategoryLetters

FormatPDF

Pages15

Reading Time5 min

AccessFree to download

Introduction

Tax forms covered in this tax primer

Form W-2

What is Form W-2 used for?

What does the Form W-2 look like?

Which lines on Form W-2 matter most for completing the PFS?

Form 1040

What is Form 1040 used for?

What does the Form 1040 look like?

Which lines on Form 1040 matter most for completing the PFS?

Household Information

Salary/Wages

Distributions from IRA, Pensions, and Social Security

Form 1040 Page 2 Line 16

Tax Primer For parents completing the SSS Parents’ Financial Statement | PFS Introduction Use this primer to get an understanding of which few tax forms will be most helpful to you as you complete your Parents’ Financial Statement (PFS) . This primer does not provide an overview of every possible tax form you might receive or need to file with IRS. Instead, it focuses only on the main forms families will need to have on hand to complete the PFS accurately and correctly. Tax forms covered in this tax primer: • Form W-2 • Form 1040 • Form 1040 Schedule 1 • Schedule C • Form 1099-NEC For each of these tax forms, the primer answers three questions: 1. What is the form used for? 2. What does the form look like? 3. Which lines on the form matter the most for completing the PFS? – Important – Be sure to send all your tax forms as required by each school you are applying to for financial aid. Do not limit what you submit to schools to the documents covered in this primer. If a school requires your tax forms and schedules, be sure to send or upload the full set of tax that you submit to the IRS when filing your tax return. Doing so ensures that you complete each school’s document requirements correctly, avoiding possible delays in the process. Form W-2 What is Form W-2 used for? The W-2 is an annual statement of your earnings provided by your employwer for the calendar year. It also shows how much of your pay was withheld for taxes, Social Security, and Medicare. It also indicates how much of your income you put into certain types of pre-tax retirement plans. What does the Form W-2 look like? Which lines on Form W-2 matter most for completing the PFS? If you are a W-2 earner or pay yourself a salary from your business, this salary will appear in Box 1. Report the salary in Box 1 of your W-2 on line 7A of the PFS for the parent listed as“Parent A.” Use 7B for the parent listed as “Parent B.” Be sure to report the totals from all W-2sif either parent receives more than one for the year. Look at Box 12. If amounts appear in this section with a code D-H and S be sure to report that amount as “Payments to tax-deferred retirement plans” in PFS line 8C of the Nontaxable Income Worksheet. If you have multiple W-2s, report the total amount. An amount listed in Box 12 with code P, R, T, W and Box 10 should be added together and listed under PFS line 8D. You do not have to report any other information from the W-2 on the PFS; however, it is possible that one or more schools you’re applying to might ask you to supply other information from the W-2. You’ll likely be required to submit or upload a copy of each W-2 you receive as part of your financial aid application. Form 1040 What is Form 1040 used for? The 1040 is used to report your sources of income, as well as any adjustments, deductions, and credits against your income that determine how much and what types of federal taxes you should have paid for the tax year. If you paid too much in taxes, it will show a refund from the federal government you are entitled to receive. If you paid too little in taxes, it will show how much you owe and must pay to the IRS. What does the Form 1040 look like? The 1040 is the base form plus additional schedules based on your types of income. Let’s look at the 1040 base form: 􀁦 1040 Page 1 􀁦 1040 Page 2 Which lines on Form 1040 matter most for completing the PFS? Nearly every line of the 1040’s Income section has a corresponding line on the PFS where the income information should be reported. Most are straightforward one-to-one matches; however, a few lines warrant a little more guidance: 􀁦 1040 Page 1: Household Information Be sure your tax filing status on PFS Line 6B matches what is checked at the top of your 1040 form. An incorrect choice on the PFS can cause a miscalculation of the credit you receive for federal income taxes you pay. When listing your dependents on the PFS, make

FAQs

What is the purpose of this Tax Primer for parents completing the PFS?

It helps parents understand which tax forms are most helpful for completing the SSS Parents’ Financial Statement (PFS) accurately and correctly. It focuses on the main forms families need to have on hand for the PFS.

Does the primer cover every possible tax form a parent might receive or file with the IRS?

No. The primer does not provide an overview of every possible tax form. It concentrates only on the primary forms families commonly need to support PFS completion.

Which parts of Form W-2 are most important for completing the PFS?

For a W-2 earner, salary goes to PFS line 7A (Parent A) or 7B (Parent B). Codes in Box 12 (e.g., D-H, S) should be reported as payments to tax-deferred retirement plans on PFS line 8C, and other specified Box 12 codes along with certain amounts in Box 10 are used for PFS line 8D.

Sep 19, 2026

Upload by Connor