<p>After I completed the FAFSA, my college asked for verification (which I had to do last year, as well), so I submitted all of my parents' tax forms. </p>
<p>Then they sent me an email saying the amount I put for the cash, savings, and checking account on the FAFSA was inconsistent with the amount my parents reported on their tax return. Now I have to submit a (parent) signed written statement indicating how much they had in their account at the time I completed FAFSA.</p>
<p>When I did the FAFSA, I filled out everything I could that was reported on the tax return. But I wasn't sure how much my parents had in their account, so I estimated. I guess the number was significantly lower than it should be, but I didn't do that on purpose to reduce my EFC or anything. </p>
<p>So questions...
1. How did they know how much my parents reported for their account amount? Which forms did they look at?
2. What should be said in this written statement?
Also, why didn't they just ask for a copy of my parents' bank account balance at the time?</p>
<p>Your parents (and your) taxes include interest/dividend income. This must have been MUCH higher than what would have been indicated by the amount on your FAFSA form.</p>
<p>It’s pretty clear in the directions that the asset amount are NOT supposed to be “estimated”. </p>
<p>You will need to get that written notice from your parents indicating the correct amount. In addition, you might have them head to the bank to get a statement that indicates their balance as of the date of your FAFSA filing.</p>
Because they expect you to provide accurate information. </p>
<p>Your parents’ tax returns must include income derived from assets. Examples would be interest, dividends, rental income etc. Once the school saw the tax returns it would become apparent to them that the assets you reported could not have produced the income shown on the tax returns. As there is an obvious discrepancy between what you reported and what the tax returns are indicating they are obliged to investigate and therefore require further documentation.</p>
<p>For future years remember you are not supposed to guess. When you submitted FAFSA you and your parents digitally signed it (with your PINs) and stated that the information was accurate.</p>