Since 2017/2018 CSS Profile asks 2016 income questions in section titled, "Parents’ 2016 Recent Income & Benefits (PR) do we need to update our 2017/2018 CSS Profile once our parents file 2016 tax return? Otherwise these answers will just be estimates until parents file 2016 taxes-because on previous year css profiles we were required to update estimated income on our css profile with actual income filed on our parents tax returns. BUT this then defeats the purpose of the new changes for 2017/2018 to prior prior year income (2015 income) and then once again this requires that we wait or update with our parents 2016 tax return income?? this doesn’t make sense?? So will colleges then be requiring 2016 tax returns to verify these 2017/2018 css profile questions in this section titled “Parents’ 2016 Recent Income & Benefits (PR)” ?? This isn’t what we were told- suppose to be prior prior year 2015 for income questions based on 2015 tax return NOT 2016 TAX RETURN INCOME INFORMATION? This section on CSS Profile requires 2016 tax return income information so can colleges then require 2016 tax return for verification on this section of the 2017/2018 CSS Profile?? NOT GOOD!! NOT WHAT WE WERE TOLD ABOUT PRIOR PRIOR YEAR (2015 tax return) for verification of income for the 2017/2018 CSS Profile!
2017/2018 CSS Profile ask 2016 income questions but suppose to base on 2015 prior prior year income?
Remember the CSS profile is for institutional aid.
Prior prior first and foremost is for the distribution of federal aid. There are no “rules” that private institutions cannot ask for the information.Colleges can ask for anything they want when it comes to distributing their own money and different schools have different policies. right now you fill it out with estimates. the school needs your 2016 tax information, they will ask for it
Please calm down. You will not be required to update the 2017/2018 Profile with 2016 tax information. You will not be required to submit 2016 tax forms. The questions about 2016 income ask for best estimates at the time the form is completed. The 2017/2018 Profile asks for estimates of 2017 income as well.
And just be prepared. The Profile has always asked for estimates for the following year…so NEXT year you will be asked to estimate for the following year as well.
But your aid will be based on prior prior year.
Thank you for feedback- unfortunately there are conflicting views on this- the above states that will not be required to submit 2016 tax return or update 2017/2018 profile with 2016 tax info which makes since as next year 2018/2019 will be the year that will be required to submit and update 2016/2017 tax income info BUT another senior member states that some colleges WILL require 2016 tax return for final financial aid offers:
"You don’t update the CSS profile. You give the best estimate now. You will send the return later.
However, if you made mistakes in other areas that may lower your aid, you should send the corrected version of the CSS profile to the financial aid offices by regular mail or fax. There is no way to update the CSS profile online after you submit it. The best course of action is to report correctly. It will be a pain to submit the corrected version to all schools you are applying to.
I believe colleges still require you to submit 2016 return after it’s filed. They use the earlier year returns to make a tentative aid offer. They will adjust the offer amount if there is a big difference between the actual return and the estimated values on the profile."
It just doesn’t make since that could be required to submit 2 years tax returns - 2015 & 2106 - when next year financial aid for 2018/2019 will be the year that will be based on 2016 income and tax info so next year 2018/2019 should be when colleges would request 2016 tax return!
No. the 2017-2018 school year will use the 2015 tax return income and tax information NOT the 2016 info.
That is for both Profile and Fafsa.
You will NOT be updating these with 2016 information for,the 2017-2018 academic year.
Whomever said that is wrong.
This is new for this year. Using prior prior year tax year is new for the 2017-2018 school year. You will not be using 2016 tax year info for financial aid for,the 2017-2018 school year at all.
Where is that quote above from?? The one about updating?
You need to do what the school requires. This is the first year that prior, prior applies.
The tax return info used is supposed to be the 2015 tax year, which should be complete at this time.
That was the purpose of the change of the base year, so that tax return would be complete and no estimates needed to update later.
Now that’s all that the FAFSA asks for. 2015 tax year.
But CSS wants a clearer financial picture, so they ask about 2016 expected income and 2017 future income.
If the family income doesn’t fluctuate much, that is pretty easy to answer.
For 2016 you can do pretty good estimates, since the year is almost over.
Then depending on how much 2015 differs from 2016, you might go with a higher or lower estimate for 2017, based on your parents’ prediction on what their expected income will be for 2017.
It is just an estimate and will be reconciled down the line when future aid forms are filed that are based on year 2016 and 2017 taxes.
Nobody here knows what other forms, and information a particular school might ask for from you.
The schools can make their REAL financial aid awards based on your 2015 tax information FAFSA and Profile…because both have said…that is the tax year they are using for the 2017-18 school year.
I’ve looked on a LOT of financial aid websites…and haven’t seen one that is asking for 2016 tax returns for the 2017-2018 school year. Simply put…now that they have gone to prior prior, folks CAN delay filing their returns until April…or get an extension to October.
The 2015 year is what you need.
But really…where did you read what you posted abouve about filing and estimates and updating. Check the DATE on that post because that is not 2016 information.
Thanks for your reply- I read what I posted about filing and estimates and updating 2016 tax and income information from another senior member on this website just this week as I mistakenly posted this same question on the wrong forum ( Learning Disabilities) and referred to this forum but a senior member answered with the information I posted about filing and estimates and updating 2016 tax and income information.
Ok…I went and looked…and I’m posting my reply here as well. The above was posted by @coolweather and is not accurate.
Oh my. For the record…all of this is a change beginning THIS year.
@coolweather is mistaken. The 2017-2018 fafsa and Profile forms are based on prior prior tax year…so 2015 information. The schools will NOT be asking for 2016 info for the 2017-2018 school year. The 2016 tax year info will be used for the 2018-2019 school year.
The 2017-2018 forms became available on October 1 this year…also a change. So the 2017-2018 forms could be completed with the accurate tax information from the 2015 returns. Even self employed would only have an extension to Oct 15. No estimates needed.
Schools will be able to provide accurate financial aid awards…no updating necessary…because the tax year being used is 2015.
Well just got actual real answer to this question discussion - my private university financial aid office HAS REQUESTED MY PARENTS 2016 TAX RETURN FOR 2017/2018 FINANCIAL AID !!! So they do request 2 tax returns if they want ( 2015 & 2016 tax returns have been requested for my 2017/2018 financial aid application !!) I am a 3rd year undergraduate continuing financial aid recipient at this private university!! This is even more work and documentation requested than prior year so now my parents have to try to scramble and get their 2016 tax return completed which takes months to complete - after I told them university not using/requesting 2016 tax return!! This is not good- when told differently for months !!