FAFSA/EFC with 2008 taxes?

Paying for College
1

<p>Would I be able to estimate the FAFSA form with 2008 taxes (and then correct after the taxes are filled)?</p>

<p>Basically, can I use 2008 taxes instead of 2007 for FAFSA and determining my EFC?</p>

2

<p>Using 2008 taxes to estimate your EFC instead of the 2007?? Are you talking about using the 08 tax figures on the 2008-2009 FAFSA?</p>

3

<p>If you are talking about the real FAFSA...you can't do the one for the 2009-2010 school year until January 1, 2009. But yes, you can complete it using estimates (using the "will file" status re: your taxes). Then when your taxes are completed ASAP after Feb 1, you can amend the FAFSA to reflect the accurate information from your tax return.</p>

<p>If you are trying to use a finaid calculator to estimate your EFC...you use your best estimates (based on current check stubs) for the 2008 tax year.</p>

4

<p>Thumper1, I don't want to belabor this point. But for the 2009-2010 FAFSA will I even have to show my parent's 2007 tax returns?</p>

5

<p>2009-2010 FAFSA requires your 2008 taxes. You can not use your 2007 taxes for 2009-2010 FAFSA.</p>

<p>If you file FAFSA before your taxes are completed then you estimate 2008 taxes and correct them once they are finalised. You can base the estimate on 2007 taxes if you think they will be similar - otherwise estimate as accurately as possible.</p>

6

<p>Thanks, swimcatsmom!</p>

7

<br>


<br>

<p>Swimcats and I agree. No....your FAFSA for 2009-2010 will not be based on your 2007 tax returns. You will not have to SHOW your tax returns to anyone unless your college asks for those to be sent. I will say...in BOTH of my kids' cases, we had to submit TWO years of tax returns as part of the financial aid application when they were freshmen....so using your example for 2009-2010...our kids' colleges would have asked for the 2007 return and also the 2008 return.</p>

<p>The information on the FAFSA is from your 2008 return...but you need to check with the college to see which tax return or returns they want.</p>