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!
MOVED TO FINANCIAL AID_SCHOLARSHIPS FORUM !!
Sorry posted in wrong forum
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.
Oh my.
You are 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.
These 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 annextension to Oct 15.
Schools will be able to provide accurate financial aid awards…no updating necessary…because the tax year being used is 2015.