FAFSA Changes - for both child and parent

Paying for College
1

<p>We're incoming freshman parents, so novices about FAFSA.</p>

<p>When we first filed the FAFSA in January, we estimated our amounts and said that son would not need to file even though we listed his income amount (he only made about 800), however, now we are realizing that because he just did odd jobs and was not on a W-2, he has to file because of self-employment tax.</p>

<p>This week - we have filed our official taxes (e-filed) and are planning to send in son's tax forms (1040, Schedule C-EZ, and SE) </p>

<p>Question is, when we go to update FAFSA, I have heard that they prefer the IRS link, but how does that work with two different returns - do you have to update one, and then have to go back in an update the other? </p>

<p>Also, is it possible to have the IRS link download our parent tax info but then just write in son's tax info (we were not planning to have him e-file, because I'm not even sure how to do it - our account e-files our forms for us.)</p>

<p>I am hoping to do this fairly easily without adding additional steps to the process, but I'm not sure how it works.</p>

<p>Also, do we also have to update Profile to say that everything has now been filed? - Our EFC will not change.</p>

<p>Any advice appreciated.</p>

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<p>When you link to the IRS website, it is done one at a time. You have to enter a PIN, then it takes you to the IRS site. It will bring you back & you can do another. You can do one or both … if you enter your son’s by hand, his income from work=business income … the amount listed on line 12 of the 1040. Taxes paid are line 55 … not the SE taxes.</p>

<p>And you can’t update Profile. Call the school to ask them what they want you to do.</p>

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<p>Thanks so much!</p>