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What you'll need
For the most accurate results, you will want to have a copy of your most recent tax returns. It may also be helpful to have your most recent W2s, 1099s and bank statements.
Enter the basic student contact information in the spaces provided, keeping in mind this set of questions will reference the student. Parent information can be provided later in the calculation process. Our calculator will tailor results based on your home state and zip code (in order to make cost of living allowances), as well as to the size of your household.
The following questions will ask about parent(s) household size, income and assets. If a parent is separated or divorced, please follow the special instructions in the segment that follows to receive the most accurate results.
Note: Only parents should complete this information; grandparents and legal guardians are not required to submit information on behalf of a student.
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Parent Income Information
- Wages: Enter wages as reported on line 7 of the 1040 or 1040A, or 1040EZ line 1.
- Income earned from work:
- Form 1040 lines 7, 12, 18, and Schedule K-1 box 14, Form 1040A line 7, Form 1040EZ line 1
- Interest and dividend income:
- Form 1040 lines 8a and 9a; Form 1040A lines 8a and 9a; Form 1040EZ line 2
The next two questions will ask about business income (or losses) and other income (or losses). To receive an accurate estimate, you will need to do the following:
- Add all negative amounts from lines 10-21 together (if there are any negative amounts). Enter the total losses into either the business income or other income box. Be sure to include a minus sign in front of the total. Exclude numbers not in the far right-hand column of the 1040 (i.e. exclude losses in lines 15a, 16a, and 20a).
- Add all the positive amounts from lines 10-21 together and enter the amount into either the business income or other income box. Exclude numbers not in the far right-hand column of the 1040 (i.e. exclude amounts in lines 15a, 16a, and 20a).
- Note: The important point will be to separate the positive and negative amounts into separate boxes when completing the calculator. It does not matter whether the income or loss was from a business or from another source—only that the amounts are separated.
- Adjustments to income: enter the number listed on line 36 of the 1040 or line 20 of the 1040A. Please note that the "Adjustments to Income" question is NOT your AGI from line 37 of the 1040. Entering your Adjusted Gross Income for this question will back out 100% of your income from the equation and will likely produce a falsely low contribution on the results page. For an accurate result, use line 36 of the 1040 or line 20 of the 1040A for this question.
- Education tax credits: Form 1040 line 50 or 1040A line 33
- Other credits: Enter
- Additional child tax credit (IRS Form 1040, line 67 or 1040A, line 43)
- Tuition and fees deduction (IRS Form 1040, line 34 or 1040A, line 19)
- Earned income credit (IRS Form 1040, line 66a; or 1040A, line 42a; or 1040EZ, line 8a)
- Foreign income exclusion (IRS Form 2555, line 45 or Form 2555EZ, line 18)
- Basic military housing benefits
- Amounts withheld for dependent care and medical flexible spending accounts (FSAs) and pre-tax contributions to a Health Savings Account (HSA) (not amounts reported on IRS Form 1040 line 25)
- Untaxed social security benefits received for all family members except the student
- Cash paid on your behalf, such as for bills and expenses
- Untaxed benefits:
- Deductible IRA and/or Keogh payments made (IRS Form 1040, lines 28 and 32 or 1040A, line 17)
- Payments made to tax-deferred pension plans (defined as box 5 of your W2 less the amount in box 1)
- Child support received for all children (not amounts paid)
- Untaxed portions of IRA distributions or pensions, excluding “rollovers” received (IRS Form 1040, lines 15a minus 15b and lines 16a minus 16b or 1040A, lines 11a minus 11b and lines 12a minus 12b)
- Tax-exempt interest income received (IRS Form 1040, line 8b or 1040A, line 8b)
- Health savings account (HSA) deduction (IRS Form 1040 line 25)
- Housing, food, and other living allowances received, excluding on-base housing or basic military housing allowances
- Veterans non-education benefits such as Disability, Death pension, or DIC and VA Educational Work-Study allowances
- All other untaxed income not reported elsewhere in this calculator.
- Itemized deductions: Form 1040 line 40. If form 1040A or 1040EZ, enter “0”
- Exemptions: Form 1040, line 6d or 1040A, line 6d
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Parent Asset Information
- Cash, savings, and checking: Enter total as of today.
- Questions regarding the ownership of a home:
- Current value: This is the price you could expect to receive if the home was sold today (an estimate is fine).
- Debt on home: Include debt on your primary mortgage. Don’t include interest due, escrow payments, insurance premiums, association fees, property taxes, personal or consumer loans.
- Value: Enter total value of all investments, including stocks, bonds, etc. Do not include investments in tax-deferred retirement accounts (IRA’s, 401k’s, 503b’s, etc.).
- Debt: Duke does not allow for debt on investments. Enter “0” in this line.
- Enter total value of all assets and in the business/farm (as if it were to be sold today). If you are not the sole owner, multiply the total assets by your percentage of ownership.
- Enter debt against the business/farm. Do not include personal or consumer loans and do not include loans to shareholders. If you are not the sole owner, multiply the total debt by your percentage of ownership.
- Other real estate:
- Enter the total market value for all properties.
- Enter debt on all properties. Don’t include interest due, escrow payments, insurance premiums, association fees, property taxes, personal or consumer loans.
- Enter the amount listed on line 1 of Schedule A from the 1040. If no amount is listed or if you filed a 1040A or 1040EZ, enter “0”.
- Private elementary, middle, or high school costs:
- Enter your cost for tuition and fees after any scholarships offered by the private school. If a child attends public school, enter “0”.
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Student Financial Information
- Income earned from work: Enter amount from W2 or form 1040 line 7, 1040A line 7, or 1040EZ line 1.
- Interest and dividends: Enter “0” if no interest or dividends. Otherwise enter Form 1040, lines 8a and 9a; 1040A, lines 8a and 9a; or 1040EZ, line 2.
- Untaxed sources of income: Enter any amount received that is not reported on a tax return.
- Cash, savings and checking: Enter the amount as of today. Do not enter amounts already listed in the parent section.
- Value of all trusts: Even if you cannot withdraw the funds at this time, enter the total value as of today.
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Review your results carefully. Your “Net Price” will be the amount you could expect to pay to attend Duke for one year based on the information provided. We recommend you visit our page on "How it Works" to learn more about how your net price is determined and to discover more options to assist with your educational costs.
To receive an official offer of financial assistance, you will need to first apply for admission to Duke. Once your admissions application is complete, you will need to begin the financial aid application process. Visit our home page to learn more.
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