We filed the FAFSA before submitting 2014 tax returns. I know that once we file them, we use the IRS Data Retrieval tool to correct the FAFSA. At that time, will we also change the assets as of the correction day, or do those remain the same?
No. The assets do not get updated. They are supposed to be as of the date of the filing of your initial FAFSA.
The only reason you would,change an asset amount is if you made a mistake on that initial FAFSA filing and needed to correct it. Otherwise…assets don’t get touched when you update.