Our taxes will be electronically submitted today, but are unlikely to be processed before the Fafsa deadline of March 1. Ideally I’d like to file an estimated Fafsa,to avoid having to deal with the hassle of verification, and then update when our tax return is processed. Is it permissible to file an estimated Fafsa if your tax return is submitted but not yet processed?
That’s exactly what you do. But your FAFSA won’t really be “estimated,” will it? Since you’re submitting your return today, you have all the numbers, so you can just plug them right into your FAFSA.
And nothing you do can prevent verification - if either something in your finances (or just the luck of the draw) triggers verification, then so be it.
I’ll join your club. Last year, and this, have filed/will file the FAFSA with “estimated” numbers right off the 1040 and then updated in a week after the return is processed. The DRT (surprise!) pulls in exactly the same numbers.
You can’t avoid verification, however. Either something in your numbers triggers it or you get selected randomly (and some schools verify everybody). The great thing about the DRT is that sometimes you don’t have to do anything else for verification once you pull in your numbers from the IRS.
@ordinarylives
Yes, that’s what I was hoping would work. I’d like to use the DRT to make sure everything is accurately reported. I also understood that most of the Fafsa returns which do not use DRT are verified. If we are selected for verification we have nothing to hide, but it’s one less step to deal with if we can avoid it by using DRT.
Using the DRT satisfies a part of verification. Not using the DRT doesn’t cause verification. Many people file the first estimated FAFSA of the year in early January weeks before taxes can be filed and before the DRT is available. Many are selected for verification at that time so not using the DRT isn’t the cause.
That’s not the only way being selected for verification can happen but it’s the most common. But yes, in the end it’s also good to use the DRT just to make sure income info is accurate.
Often that deadline is rather meaningless unless you’re hoping for work study, perkins or qualify for SEOG.
If you’re just looking for loans or if you qualify for Pell, then that deadline is not really Feb 1st at many/most schools.
That’s useful to know. Thanks mom2collegekids.
If an institution posts a deadline, I’d adhere to it as institutional money can run out, too.
sure! But I don’t think that is an issue for the OP