Your TAXABLE income can be found on line 15 of the 2023 form 1040 and line 15 of the 2024 form 1040. TAXABLE income is typically less than Adjusted Gross Income, which is reported on a FAFSA, because of deductions that are taken from the Adjusted Gross Income to figure how much income will be taxed.
Effective January 11, 2025 until further notice
| Family Size |
48 Contiguous States, D.C.,
and Outlying Jurisdictions |
Alaska |
Hawaii |
| 1 |
$0 - $23,475 |
$29,325 |
$26,985 |
| 2 |
$0 - $31,725 |
$39,645 |
$36,480 |
| 3 |
$0 - $39,975 |
$49,465 |
$45,975 |
| 4 |
$0 - $48,225 |
$60,285 |
$55,470 |
| 5 |
$0 - $56,475 |
$70,605 |
$64,965 |
| 6 |
$0 - $64,725 |
$80,925 |
$74,460 |
| 7 |
$0 - $72,975 |
$91,245 |
$83,955 |
| 8 |
$0 - $81,225 |
$101,565 |
$92,450 |
For family units with more than eight members, add the following amount for each additional family member: $5,500 for the 48 contiguous states, the District of Columbia and outlying jurisdictions; $6,880 for Alaska; and $6,330 for Hawaii.
The term “low-income individual" means an individual whose family's taxable income for the preceding year did not exceed 150 percent of the poverty level amount.
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