<p>My son filed FAFSA today using estimated numbers from last year's taxes. When we file taxes, he will update FAFSA.</p>
<p>There is a question about money in the bank that he answered truthfully today. When he goes in to change the estimated numbers to the actual tax numbers, does that $ in the bank question need to reflect the balance today or at the time of the update, anyone know?</p>
<p>Update taxes when complete…assets should reflect the total on the day the FAFSA app was submitted.</p>
<p>The amount of assets will always reflect the date of original submission, even when you go back and edit your app.</p>
<p>If you determine that the assets were reported incorrectly on the date the FAFSA was originally filed (wrong bank balance for that day, wrong share value for stocks, etc.) you can correct the figures.</p>
<p>OK thanks all. It’s assets for TODAY, then, and only correct them if they were wrong?</p>
<p>(Our house is in contract, will close later this month, and there will be a period of time when there’ll be money sitting in the bank, we are renting for awhile. I know I will need to report the proceeds from the sale on 2013 taxes but sadly the proceeds aren’t enough to affect much, probably not even FAFSA if he had to report them now.)</p>
<p>It is the assets as of the day you file.</p>
<p>Does CSS’s use FAFSA’s filing date or its own for asset calculation?</p>