<p>I am a parent and this will be my first time filling out a FASFA. And I have to do it TWICE.</p>
<p>And our taxes aren't done yet. And I can't estimate on the FASFA because our taxes for last year aren't filed yet. We filed for an extension and paid our taxes, but the return isn't filed yet.</p>
<p>I'm stressing. Our taxes aren't straightforward because my husband is self-employeed so filing the returns isn't something I would be able to do by myself. So much of the information I would need is stuff that only he would know.</p>
<p>And, as mentioned, I have to fill out TWO FASFA's because I have twins.</p>
<p>Should I apply for the PIN's to sign them electronically now, or do I have to wait to do that until after January 1?</p>
<p>Anything else I should know about filling out the FASFA?</p>
<p>If your husband HAS the information, it won't be too hard to complete the FAFSA. And if you are doing it for twins...the parent info will be the same for both twins...it's just the kid "stuff" that will vary.</p>
<p>There is a FAFSA worksheet at the FAFSA.gov website and I believe you can print it out now (if not...it will be available by the time it's time to do the real thing). I would suggest you print this out and do IT first. Once the worksheet is complete, doing the FAFSA isn't all that hard. The worksheet will clearly tell you what information you need.</p>
<p>One thing I would suggest...you really need to chat with your husband about getting the 2007 taxes done AND getting the 2008 taxes completed in a very timely fashion. Many colleges will require that you send signed copies of your tax returns (2008) as part of the financial aid application process. I know there can be extenuating circumstances for self employed regarding tax filings, but really...this is not the year to delay your filings. Any financial aid award your kids receive based on estimates (which is what you will use until your taxes are filed) will the just that...estimates. The financial aid award will not be finalized until you complete your taxes, and go back into the FAFSA to enter the info from your 2008 return and resubmit (and change the filing status to "filed" from "will file"). Once that is done, the college(s) will finalize your award. Especially with self employed...your income can fluctuate from year to year. What you put as an estimate may not accurately reflect your 2008 income (although you really should make the very best estimates you can make). </p>
<p>Just as a cautionary tale...DD applied EA to two schools. We submitted our FAFSA very early using what we thought were accurate estimates. Turned out our income was $3000 more than we had estimated. After we completed our taxes...her financial aid award was reduced by $6000 at one school. At the other school it wasn't reduced at all.</p>
<p>Perhaps someone more familiar with the self employed and FAFSA can pitch in here. BUT I would say...please speak to your husband...and your accountant...and get those taxes filed as soon as you can (2007 immediately... and 2008 ASAP after Feb 1).</p>
<p>Believe me, I mention the taxes to my husband regularly!! He HAS been making an effort to make progress on them by working a few hours on evenings that he is able, but as he says, AND it's true...income still needs to happen so he's not able to devote whole days to the task.</p>
<p>So Feb 1 is what we need to be shooting for to have the current taxes filed? </p>
<p>What frustrates me (and thank you for letting me vent about this) is that he's normally so on top of stuff like this, but of course self-employeed taxes are not simple. Not just a matter of pulling numbers off W-2's and going ahead with it. Have to sort through all the receipts (which he keeps in monthly order as he goes along so that's already done) and figure out what expense goes where, etc. Once he crunches all the numbers through Quickbooks he takes the reports to the tax preparer and gives the guy the numbers as he asks for them.</p>
<p>We're a couple who rarely fight and we had it out over the situation about five weeks ago. I'm just sick of it hanging over me. Aside from the whole FASFA issue I worry about what a nightmare I would be facing if something were to happen to my husband!!! (A sad reality that was brought home to me this summer when my dad died unexpectedly leaving my mom floundering to figure out all the finances! Fortunately my dad didn't have anything THIS big still left undone, but just locating his life insurance was a struggle.)</p>
<p>But...at least the FASFA is an EXCELLENT reason to get the whole tax mess cleared up. I ask about progress, etc. every few days and am assured that he's making some progress. But it's slow going. If it were up to me he WOULD take every day off shop work between now and whenever the taxes got completed! Income be damned! (Well...sort of...)</p>
<p>To avoid any unnecessary stress, do this now: Go to fafsa4caster.ed.gov. Do a forecaster for one child. You'll get a pin, and so will your child. Then you can go in to do another forecaster for the other child. You may even be able to transfer all your parent info right over for the second from the one you did for the first (I haven't tried it, but I think that's correct). Use your best guess from this year for the financial info, just to get a rough idea of your EFC. </p>
<p>When January rolls around, all you will need to do is input the correct financial info. There will be prompts if you need to do anything else. Input the school codes & send it on its way. That should help a bit.</p>