It looks like I forgot to mention (I put $0.00) my parents’ American Opportunity Credit in my FAFSA application. I was filling out the application based on the 2013 form of their income tax return, which seems to have several minor discrepancies with its 2014 version. Now, minutes after I submitted FAFSA, I found out that my parents’ AOTC was not zero… What should I do? Should I contact the universities and colleges I have applied to as soon as possible, or I will be able to fix my mistake by pointing out the correct sum of AOTC when my parents receive that 2014 tax return (I will have to update my parents’ tax info anyway).
Thank you very much in advance!
Would you be comfortable waiting for the FAFSA to finish updating (it might take a few days) and then amending it and resubmitting it to the same colleges that you sent it to the first time? I can’t think of any other ways to correct a mistaken FAFSA other than actually correcting the form and resending to the school.
DmitriR,
it’s possible to resubmit FAFSA? I did not know that…
When do your parents plan on filing their 2014 tax return? That question will be corrected if you use the IRS Data Retrieval Tool after the tax returns are processed by the IRS. Or you can manually update it in a few days after you’re notified that the fafsa has been processed. You don’t have to contact any schools about it.
Yes. You can resubmit the FAFSA, and make any corrections to mistakes you made.
You will need to do so once your parents have completed their 2014 incime taxes so that all numbers on the FAFSA reflect the ones on the 2014 tax return.
Hopefully, your parents will complete,their 2014 taxes very soon. Make the corrections to the FAFSA when you update your FAFSA to reflect that taxes have been completed.
You don’t need to correct it until you are ready to do that update with the 2014 tax info.