Required Parent Tax Documentation 2024-2025

In order to be considered for need-based financial aid, HLS requires all student aid applicants under the age of 29 (as of September 1 of relevant academic year) to provide detailed financial information for all parents. This includes personal and business tax/income documentation, as well as trusts and real estate documentation. After documents are submitted, the HLS Financial Aid Committee will determine the appropriate information that will be incorporated into the parent resources.

Determination of aid eligibility is always based on a completed tax calendar year; for the 2024-2025 academic year, we are collecting tax data from 2022. Therefore, all parental tax/income documentation submitted must be for the 2022 tax year.

Below you will find more details about all of the different tax forms/income documentation you will be required to submit via the “Application Requirements” on the SFS Self-Service Portal, depending on your personal circumstances.

NOTE: There is a separate login for parents on the SFS Self-Service Portal, but it is only available to you after the student has given you direct access by providing your email in their Student Application. If that is the case, you should have received an email with login instructions. If you did not receive an email from our office, check with the student to confirm what email address they provided to our office.

Why do require this information?

  • Reporting your Businesses, Farms, Estates, & Trusts

    Understanding the financial circumstances of businesses/farms is a critical component of our ability to make accurate, complete and fair determinations of need-based aid eligibility to our students. We recognize that we require a lot of detailed information from families who are involved in businesses/farms and it usually involves a lot of communication with SFS. Past experience has shown us that no two businesses/farms are the same and there are few universals that can be applied to all businesses/farms uniformly.

    Our primary goals through this process are twofold:

    1. We want to get an in-depth understanding of the recent and current cash flow within all businesses/farms/trusts/estates in which your household is involved or holds any percentage of interest, and;
    2. We want to arrive at an appropriate and fair net worth in today’s dollars for each of those businesses/farms/trusts/estates.

    We appreciate your help and patience as we work hard to try and get the data we need to offer the student the best and fairest aid package possible.

  • How does SFS define a “Parent”?

    For our applications, the term “parents” includes biological parents, step-parents, adoptive parents, and legal guardians, even in cases where parents are divorced.

    We appreciate your help and patience as we work hard to try and get the data we need to determine the fairest financial aid eligibility possible for the student.

    Step-Parents & Businesses:

    If a particular business/farm in question is the primary work activity of the step-parent, we will not use the income generated from this business/farm in the determination of the student’s eligibility for need based aid since we do not include step-parents’ income in our analysis. However we still need to collect complete tax data and asset information on these businesses/farms because we do factor the net worth of all parental assets (including the net worth of any businesses/farms) into our determination of aid eligibility. Our policy is to compile total net worth and then divide it in half to remove the 50% that belongs to the step-parent.

  • Tax Note for Students

    While parent tax information is ALWAYS required to apply for need-based aid, in most cases, we DO NOT require student tax information. Our determination of a student’s resources from income is based on projected summer 2024 income, not on past tax year income. Having said this, we do reserve the right to collect this data on a case by case basis when we determine it is necessary to understand a particular student’s financial situation. Please do not submit student tax returns unless you are requested to do so by a member of the SFS team.

  • What if my parents don’t file tax returns?

    There are several family circumstances in which parents do not file tax forms. Our detailed Parent Application found within the SFS-Self Service Portal is required for all “need-based” aid applicants. Application requirements are generated from this form, and then double checked manually by SFS staff. If you have any questions about your requirements once they are generated, please reach out to our office.

Personal Income Tax: Requirements

  • U.S Tax Return

    If a student is applying for HLS need-based grant assistance and their parent(s) from any household were required to file a U.S. Federal tax return in 2022, then the parent(s) are required to submit their complete Federal tax documentation (full version of 1040 with all schedules, statements, and W2s) to HLS Student Financial Services.

    Hints:

    • Our office does not require U.S. State tax returns from any student or parent. Please submit U.S. Federal tax returns ONLY.
    • The total of the W2 from your employer MUST match the total of your 1040 personal tax return.
    • If the parent(s) e-filed, a copy of Form 8453-OL, which serves as a summary page of e-filing, is not sufficient. You need to submit this along with the more detailed pages used to create this summary page. In addition, you need to be sure to sign all pages before submitting them. These detail pages should exist within the software you used to e-file. If you cannot get this information, you will need to replicate your filing on a copy of Form 1040.
  • Canadian Tax Return

    If the parent(s) in any household file a Canadian tax return, you will be required to submit their complete Canadian tax return (full version of T1 with all schedules, statements, and T4s) to HLS Student Financial Services.

    Please note the following when submitting international financial information:

    • Our application forms now accept tax information in Canadian currency. Once you have selected Canadian currency for your application, please keep that choice consistent throughout all of your data reporting. The forms will automatically show our office that you are reporting in CAD, and we can view standardized conversions to USD whenever necessary.
    • When you are submitting external forms that do not specify CAD, please include a note of which currency you used.
    • International students whose parents own business, farms or personal real estate must also submit any relevant business statements they have, or business returns they file in their home country.
    • If the parent(s) filed a Canadian tax return, the T1 General-Condensed, which is an abbreviated version of the tax return, is not sufficient documentation. You must submit the full T1 General tax return.
  • Other International (Non-Canadian) Tax Return

    Students whose international parents did not file a US Federal tax return or Canadian tax return in 2022 are required to document their earnings by submitting complete international tax documentation, if available; or, if this is not possible, an earnings statement from each of their parent’s 2022 employers (on official letterhead) is acceptable. Be sure to include an English translation of all documents submitted.

    Please note the following when submitting international financial information:

    • Our application forms now accept tax information in multiple forms of international currency. Once you have selected the currency for your application, please keep that choice consistent throughout all of your data reporting. The forms will automatically show our office the currency you chose, and we can view standardized conversions to USD($) whenever necessary.
    • When you are submitting external forms, please include a note of which currency you used.
    • International students whose parents own businesses, farms or personal real estate must also submit any relevant business statements they have, or business returns they file in their home country. We are looking for the gross income that these entities received before expenses and deductions.
  • Households Reporting Both US & International Income

    Within the Parent Application on the SFS Self-Service Portal, you will find a section for reporting both the primary tax return you file and any international income that you received during the 2022 tax year. We will ask you for the exact source of the international income, and where it is reflected on your US tax returns – if at all. Please read the options carefully, and be as specific as possible, so our office can better understand your financial situation. These answers will generate specific tax documents under “Application Requirements” on the SFS Self-Service Portal.

Business Income Tax: Requirements

  • US C-Corporations (1120)

    Submit the following to complete the requirement for C-Corporations

    1. Within the Parent Application on the SFS Self-Service Portal, you will find sections for reporting each C-Corporation in which your household has any percentage (%) of ownership. You must report every C-Corporation individually and accurately.
    2. Then, you must submit a signed copy of each business/farm’s 2022 U.S. Federal Business Tax Form 1120 and all of its Schedules/Statements via the “Application Requirements” on the SFS Self-Service Portal.
  • US S-Corporations (1120S)

    Submit the following to complete the requirement for S-Corporations

    1. Within the Parent Application on the SFS Self-Service Portal, you will find sections for reporting each S-Corporation that your household has any percentage (%) of ownership in. You must report every S-Corporation individually and accurately.
    2. Then, you must submit a signed copy of the 2022 1120S K-1(s) from any family member who has any percentage (%) of ownership or interest in each business/farm via the “Application Requirements” on the SFS Self-Service Portal.
    3. You must also submit a signed copy of each business/farm’s 2022 U.S. Federal Business Tax Form 1120S and all of its Schedules/Statements via the “Application Requirements” on the SFS Self-Service Portal.
  • US Partnerships (1065)

    Submit the following to complete the requirement for Partnerships

    1. Within the Parent Application on the SFS Self-Service Portal, you will find sections for reporting each partnership in which your household has any percentage (%) of ownership. You must report every C-Corporation individually and accurately.
    2. Then, you must submit a signed copy of the 2022 1065 K-1(s) for any family member who has any percentage (%) ownership or interest in each business/farm via the “Application Requirements” on the SFS Self-Service Portal.
    3. You must also submit a signed copy of each business/farm’s 2022 U.S. Federal Business Tax Form 1065 and all of its Schedules/Statements via the “Application Requirements” on the SFS Self-Service Portal.*

    *If you indicate on the Parent Application that you (and your spouse, if applicable) own a combined percentage of less than 2% of a partnership, and your involvement in the partnership is passive, we will accept a Brokerage Statement in lieu of the 1065 tax form.

  • US Sole Proprietorships (1040)

    Submit the following to complete the requirement for Schedule F Farm or Schedule C Business

    1. Within the Parent Application on the SFS Self-Service Portal, you will find sections for reporting each Sole Proprietorship in which your household has any percentage (%) of ownership. You must report every farm or business individually and accurately.
    2. Then, you must submit a copy of the 2022 Federal Tax Form 1040 Schedule F for farm or 2022 Federal Tax Form 1040 Schedule C for business via the “Application Requirements” on the SFS Self-Service Portal.
  • Canadian Corporations (T2)

    Submit the following to complete the requirement for Canadian Corporations

    1. Within the Parent Application on the SFS Self-Service Portal, you will find sections for reporting each Canadian Corporation in which your household has any percentage (%) of ownership.
    2. Then, you must submit a copy of the 2022 Canadian T2 and all of its Schedules/Statements for each Corporation via the “Application Requirements” on the SFS Self-Service Portal.
  • Canadian Partnerships (T5013s)

    Submit the following to complete the requirement for Canadian Partnerships

    1. Within the Parent Application on the SFS Self-Service Portal, you will find sections for reporting each Partnership in which your household has any percentage (%) of ownership.
    2. Then, you must submit the 2022 Canadian T5013(s) and T2125(s) for each business/farm via the “Application Requirements” on the SFS Self-Service Portal.
  • Canadian Sole Proprietorship (T2125)

    Submit the following to complete the requirement for Canadian Business Sole Proprietorship

    1. Within the Parent Application on the SFS Self-Service Portal, you will find sections for reporting each Canadian Sole Proprietorship in which your household has any percentage (%) of ownership.
    2. Then, you must submit a 2021 Canadian T2125(s) for each business via the “Application Requirements” on the SFS Self-Service Portal.
    3. If you are reporting a Fishing Sole Proprietorship, you must also submit T2121 Statement of Fishing Activities via the “Application Requirements” on the SFS Self-Service Portal.
    4. If you are reporting a Farm Sole Proprietorship, you must also submit a T2042 Statement of Farming Activities via the “Application Requirements” on the SFS Self-Service Portal.
  • Other International Businesses & Farms

    Submit the following to complete the requirement for Other International Businesses (non-US, non-Canadian)

    1. Within the Parent Application on the SFS Self-Service Portal, you will find sections for reporting each non-Canadian international business or farm in which your household has any percentage (%) of ownership.
    2. Then, you must submit the 2022 international business taxes* for each business via the “Application Requirements” on the SFS Self-Service Portal. The tax statements submitted should include the total gross income that the business received in 2022 (before expenses and deductions). They should also include an itemized version of the expenses reported and deductions taken AND the taxes that the business paid. Additionally, please include a statement showing the business’s assets/the total worth of the business.

    *If your international business does not file taxes, in lieu of the business taxes you must submit documentation showing the total gross income that the business received in 2022 (before expenses and deductions) and documentation showing the worth of the international business.

Trusts & Real Estate: Requirements

  • Trusts & Estates

    Submit the following to complete the requirements for Trusts and Estates

    1. Within the Parent Application on the SFS Self-Service Portal, you will find sections for reporting each distinct trust or estate in which your household has any percentage (%) of interest. This section is required if your household either currently receives income from a trust/estate OR your household is the future beneficiary of income/assets held within an irrevocable trust/estate.

    Upon reviewing this data along with the student’s application for aid, a Financial Aid Officer may decide to request more detailed information from your household via the “Application Requirements” on the SFS Self-Service Portal. This documentation may include, but is not limited to:

    1. Federal trust tax documents
    2. A copy of the actual trust agreement
    3. Documentation of the actual value of the trust corpus
  • Personal Real Estate

    Submit the following to fulfill the requirement for Personal Real Estate

    1. Within the Parent Application on the SFS Self-Service Portal, you will find sections for reporting financial data about your primary residence, and all other personal real estate holdings. This includes, but is not limited to: investment properties, rental properties, vacation homes, timeshares, and land.
    2. Then, you must submit any appropriate federal tax return documentation (i.e. 1040 Schedule E: Rental Income, or Expenses Form 8823: Rental Income for Businesses, etc.) for each property via the “Application Requirements” on the SFS Self-Service Portal.