| PublicationDate: 7/5/96 Summary: This message is a clarification to the June 12,1996 ANNOUNCEMENT # 62 about Income Exclusions (Total from Worksheet #3) assumed to zero. Author: CPS - Central Processing System (CPS) July 5, 1996 This message is a clarification to the June 12,1996 ANNOUNCEMENT # 62 about Income Exclusions (Total from Worksheet #3) assumed to zero. In that earlier message, we had stated that records where the value of "Total from Worksheet #3" is equal to or greater than reported AGI, we were assuming zero for "Total form Worksheet #3". Actually, the comparison is not just AGI, but includes the total of AGI + Earned Income Credit( EIC) + Untaxed Income (UI). When the amount reported as "Total from Worksheet #3" is equal or greater than the total of AGI + EIC + UI, we assume that the value of "Total from Worksheet #3" is zero. In any case, as we indicated in that announcement, as of June 7, 1996 we modified CPS processing to accommodate situations when we should not make any assumption regarding the reported amount from the Worksheet. The most common of these is when the applicant's work study earnings is equal to Total Income and should be excluded from the calculation. While we continue to make the assumption of Total from Worksheet #3 to zero the first time, students can submit SAR or ISIR corrections confirming that the exclusions amount is correct as previously reported. When that happens we will process the correction without making the assumption and will calculate the EFC using the reported value from "Total from Worksheet #3". Please contact CPS Customer Service at 1-800-330-5947, option 8, if you have additional questions. |