Question

Which of the following statements, if any, are correct?

1. The Automatically Assessed Formula for determining the Expected Family Contribution (EFC) requires that the student or parent's AGI is less than $50,000.
2. The Simplified Method for determining Expected Family Contribution (EFC) does not consider the family's assets in its formula
a. 1 only.
b. 2 only.
c. Both 1 and 2.
d. Neither 1 nor 2.

Answer 1

The answer is "Option b".

Step-by-step explanation:

In this question, Option b is correct because the self-assessment pattern suggests which all the information provided by the private entity is accurate but, without the requirement for further information from the taxpayer, the taxation responsibility of the individual shall be calculated in light of the information provided in the tax documents. for this formulation automatically evaluated AGI limited to or below 20000.