May 2023, Sponsored by Iron Bridge Resources

Presented by: Robert Weinerman, Director of Training, Iron Bridge Resources, LLC 

Many financial aid administrators rely on the prior year tax return as documentation for professional judgments. If you’ve started considering professional judgments for the 2023-2024 tax year, you probably noticed some changes on the 2022 tax forms. In this webinar, we will look at what’s new on these forms and in the tax code, focusing on the new Form 1040, line 1, changes to the child tax credit and Form 1040, line 22, and the third year of coronavirus related distributions which will leave residual income from tax year 2020 in the 2022 AGI. The focus of the webinar will be the proper use of 2022 tax returns as documentation for 2023-2024 professional judgments, but any information we have about how 2022 tax forms will be used in the post-FAFSA simplification, post- FUTURE Act world will also be discussed.