Puerto Rico Tax Forms
Understanding 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”
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
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
TYPES OF FORMS FOR 2007
Short Form
Long Form
KEY ELEMENTS IN TAX FORM
Identifiers: (name, address, SS, Filing Status)
FAFSA ON THE WEB WORKSHEET:
SECTION 3 - PARENTAL INFORMATION, (Q79)
SECTION 4 - STUDENT FINANCES, (Q35)
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
IRS 1040A
IRS 1040EZ
Line 37
Line 21
Line 4
KEY ELEMENTS IN TAX FORM (LONG
FORM)
• 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)
QUESTIONS 35/73
Questions 35/79
Adjusted Gross Income PR Tax
Form
Long Form – Page 1 Part 2 line 5
Federal Tax Forms
IRS 1040
IRS 1040A
IRS 1040 EZ Line
Telefile
Line
Line 36
Line 21
4
1
OTHER SCHEDULES THAT AFFECT THE
ADJUSTED GROSS INCOME (LONG FORM)
GAIN OR LOSS FROM PROFESSIONS AND
COMMISSIONS (LONG FORM)
FAFSA ON THE WEB WORKSHEET:
SECTION 3 - PARENTAL INFORMATION, (Q82/83)
SECTION 4 - STUDENT FINANCES, (Q38/39)
Amount earned from work
Long Form – Page 1 Part 2, 1
Short Form – Page 1 Part 2, 1
Federal Tax Forms
IRS 1040
IRS 1040A
IRS 1040EZ
Line
Line
Line
57
35
10
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 57
IRS 1040A Line 35
IRS 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
Short Form - Page 3 Part 4 line 14
Federal Tax Forms
IRS 1040
IRS 1040A
IRS 1040EZ
Line 57
Line 35
Line 10
TAX LIABILITY (LONG FORM)
(PAGE 2, PART 4, LINE 30)
FAFSA ON THE WEB WORKSHEET:
SECTION 3 - PARENTAL INFORMATION, (Q81)
SECTION 4 - STUDENT FINANCES, (Q37)
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
IRS 1040A
IRS 1040EZ
Line 6d
Line 6d
Use worksheet
SCHEDULE A1 (EXEMPTIONS CLAIMED
SHORT AND LONG FORMS)
Long Form
Short Form
SIGNATURES
(LONG FORM)
SIGNATURES
(Short Form)
VERIFICATION WORKSHEETS
END!!
QUESTIONS?