<p>I have a CSS Profile question that Id like to get some guidance on: </p>
<p>When the CSS Profile is released in the Fall, the questions on Parent Income & Benefits all ask for estimates on current year income based on the previous years tax returns.. for example from last year PD-105: Estimate your parents 2010 wages, salaries and tips using their 2009 IRS Form 1040. When the clock turns to January, these questions on the Profile are revised and ask for information off the current tax return Enter the 2010 wages, salaries, and tips your parents reported on their 2010 IRS 1040.</p>
<p>So, my question is, if you are filling out the CSS Profile in the Fall (for early decision applications) what if some of these income/benefit items have changed considerably from the previous year to the current year and you can give a much better estimate of current year information than what was on last years tax returns. For instance, if income has gone up or down by $50K, it would seem that you would want to enter the much more relevant current information, instead of using the previous years tax returns. Otherwise, you will really not get an accurate estimated FA package with an early decision acceptance to a school in December. If the school used the previous years tax return information, it would seem that the calculated EFC and thus estimated financial aid award would be way off, and would certainly change dramatically when the tax returns and W-2s are sent in the following Spring and the final award is provided. </p>
<p>Knowing this, when filling out the CSS Profile in the Fall, would it be ok to input the much more accurate information that you have at hand and then note it in the comment box at the end of the CSS Profile that you have not used previous years tax returns, but instead have input more accurate information?</p>
<p>I’m not very good at following directions literally, so if I were estimating a Profile late in the fiscal year I’d probably put my best estimate of what the numbers would be 3 months later in January for exactly the reason you stated - I’d want the best estimate from the college I could get. I would be tremendously nervous to agree to an ED decision with estimated financial information that was not as accurate as I could get it. YMMV.</p>
<p>They put the new CSS Profile online on October 1st each year for just this reason. For this calendar year you will estimate your 2011 income, assets etc and update when you have actual values. Look at this site:
<a href=“https://profileonline.collegeboard.com/prf/index.jsp[/url]”>https://profileonline.collegeboard.com/prf/index.jsp</a></p>
<p>My understanding is that once you have submitted the CSS profile the first time, there is no way to edit or update it. For any schools to which you have applied and submitted the CSS, you can only update information by sending them the “hard copy” changes. Here is the wording on the CSS profile:
“If you have more current financial information, such as final figures from completed tax returns, you can update your application information for the added colleges or programs as part of the Add New Colleges and Programs process. Only the institutions that you add to your PROFILE Application will receive your updated PROFILE answers.”</p>
<p>Someone please correct me if I’m wrong.</p>
<p>You are correct there is no online correction method. Some schools will require a hand corrected version (after taxes are complete) some will collect your tax returns (through IDOC or other method) and “correct” the CSS accordingly. If you file the CSS early for Early Decision you may only be dealing with that one school (if you are accepted). I would file the CSS at the ED school then wait to file the CSS with updated information if you need to apply to other schools at regular decision time. I am assuming the ED is binding and will leave you with only one school to update.</p>
<p>Ok, I think I found the answer to my original question about having to use previous year’s tax forms for an estimate. In the Help Desk instructions on the Profile Site (<a href=“https://profileonline.collegeboard.com/prf/P2CustomAppInstructionServlet/P2CustomAppInstructionServlet.srv[/url]”>https://profileonline.collegeboard.com/prf/P2CustomAppInstructionServlet/P2CustomAppInstructionServlet.srv</a>) it states:</p>
<p>“If a tax return has not been completed yet:…estimate to the best of your ability 2010 income and benefits using income and tax records from 2009 and salary and other financial records from 2010.”</p>
<p>The fact that they advise “AND salary and other financial records” leads me to believe that I’m not required to estimate using previous years tax records, but can use the more accurate current year info.</p>
<p>Yes that was my interpretation and it is absolutely a very ridiculous system for this day and age that you pay to use but requires a sneaker network to update.</p>
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<p>You want these estimates on an early Profile submission to be AS CLOSE AS POSSIBLE to what your actual 2011 tax return will reflect. So…make your estimates good ones based on the information you have as of your filing of the PROFILE. If your numbers are up from last year…use those…if they are down…use those.</p>
<p>Your ED school (if you are accepted) will require an update to the Profile plus completion of the FAFSA to finalize your financial aid award. If your estimates on that Profile are NOT accurate, you could see a change in our ED financial aid award based on the actual 2011 figures. </p>
<p>SO ESTIMATE ACCURATELY. Most schools have a priority filing date for the Profile that is in the fall…well into the 2011 tax year. You would only have to project and add in the income from the last two or three months of the year to do an accurage estimate. I do realize this is more difficult for the self employed or contracted service worker than for a salaried employee…but it’s not impossible.</p>
<p>hey DukeDad, just letting you know the Profile form is now online! Fun times ahead…</p>