<p>Many of my college's financial aid applications are due by February 1st or 15th, but I can't fill out FAFSA (which is a part of their applications) until March or April because my parents don't have all the files and documents from the bank/accounting they need to answer necessary questions. What should I do? Can I hand in 2009 information instead of 2010 information?</p>
<p>You need to complete your FAFSA using your best estimates. Your parents should have an idea of income and taxes paid from their end of year pay stubs. Your assets (bank accounts, etc) are reported as of the day you file your FAFSA.</p>
<p>You will file your FAFSA using a WILL FILE status which means you WILL file your taxes but have not yet done so. Use the best possible estimates you can make (if your parents’ incomes haven’t changed much you can use the info from the 2009 tax return…adjust based on the end of year pay stubs from 2010). Submit this estimated FAFSA to all your colleges BEFORE THE DEADLINES.</p>
<p>Then your parents and you need to complete your taxes as soon as possible after February 1 which is when all of their info should be in hand. This is NOT the year to delay doing your tax returns until March or April. Complete the 2010 tax returns…the go back to your FAFSA, and amend it. You will change ONLY the fields that are reflective of your 2010 tax return. Change your filing status to “taxes completed” and resubmit.</p>
<p>MANY folks use estimates when completing their initial FAFSA filing and then update when the taxes are completed. BUT you really don’t want to delay in amending the FAFSA with correct numbers from your tax return. Any financial aid award you receive with estimates will be an estimated award. Your final award will be given to you once you have completed your taxes and amended the FAFSA to reflect the changes.</p>
<p>MANY parents of fr will not have the paperwork they need in order to do their taxes and submit a final FAFSA by the deadlines. It is important to submit FA information by the deadlines as that acts as a placeholder for you; if you file late, there may be fewer funds available to you. So, before the deadlines:</p>
<ol>
<li><p>Use the ‘will file’ designation in FAFSA. This means that you are submitting with estimates now, but will update later when your taxes are completed.</p></li>
<li><p>Yes, start with 2009 numbers and keep them the same or alter them as you think they will change for 2010. </p></li>
<li><p>Submit before the deadline. Then when your patents finish their taxes, modify FAFSA and resubmit with the ‘completed taxes’ (sorry can’t remember the exact words) designation.</p></li>
</ol>
<p>Note: If you have to submit the Profile for any of your schools, the procedure is similar except that you cannot make online corrections for a school. However, it is still important to use estimates and submit before the deadlines.</p>
<p>x-posted w/thumper; funny that we both capitalized ‘MANY’, great minds…</p>