Hello everyone,
I’m an international student and filling out my CSS profile at the moment. My parents are still in the process of filing taxes for the relevant tax year (2021), which is well within deadlines in my country (so no delay, that takes place here). Luckily I saw that one can enter “Estimated current tax return, will file”, which describes that situation. However I have two questions regarding this:
- Is it okay to base the estimates off of the wage statements from their employers and the tax returns in past years (especially for businesses, they run)?
- Is there the possibility and/or obligation to update those informations, as soon as the tax returns for this year are available?
Thanks for your answers!
You will need to contact EACH college and ask them what they would like you to do if you use a “will file” status on the Profile. But yes, you will be required to update.
In terms of estimating…do your parents not have any idea what they earned in 2021…which is almost a full year ago? Surely they have the total figures for that year.
If the figures for 2021 are the same as for previous years, it would be OK to use them as your estimate. But you still need to update with accurate 2021 figures.
Also, are you applying ED, EA or some other way where a CSS Profile has a priority deadline?
Yeah absolutely they have an idea how much they earned - it’s just unsure how high the taxes will be in the end. Mainly it’s about the tax and profit of the small business my parents run, which they don’t know exactly yet.
I’m applying EA at MIT … so I’ll have to hurry up to find out from all the colleges how they would like to have it used