This will be the first year we fill out a FAFSA, as my daughter will be a freshman in Fall 2016. I’ve heard you can complete the FAFSA beginning January 1 even without a completed 2015 tax return. I won’t have any W2 statements, etc. What is the best (most accurate) way to estimate? I want to complete the FAFSA January 1st.
Thank you for any insider tips you can give me!
Save your last paycheck, and pull up your bank statements online. If your income was similar to 2014, you can use thar as a framework and adjust any amounts you can see are different on the last paystub.
You’ll have to submit the actual tax filing once you complete and submit it, and the school will make any adjustments.
https://fsaid.ed.gov/npas/index.htm
If you want to file FAFSA Jan 1, may I suggest that you sign up for your FSA ID now.
The student and one parent need to have their own FSA ID.
Write this info down in a safe place.
Make sure that name and social security number are correct (have actual soc sec cards on hand), slso birthdate and address.
Everyone has to have their own email address. You will need to check for a code sent to the email address to verify.
The new application is available on Jan 1, but don’t feel the pressure to submit it immediately. If you finish it by the end of February, you will not miss anything. Having the estimate filled in early may get you the estimated FA package earlier, but the final numbers will still depend on the official numbers on tax return. I would suggest to start filling up FAFSA when it becomes available but submit it by mid-February after you have at least received the W-2 form. File the tax as early as possible so that you can verify your FAFSA by DRT earlier. Note that if you have a tax payment instead of cash back from IRS may take longer before DRT is available.
I read somewhere that IRS accepts e-filed returns starting Jan 19.
Last year we filed beginning of Feb because of a 1099 form we were waiting for. Hoping to file earlier this year. Have to wait for a 1098T as well for AOTC, but I hope this will be available in the student portal online?
Some schools do give a bonus for filing FAFSA early, and some schools award SEOG based on the date of filing (giving out funds until the school runs out to those who file early). IIRC, Stetson gives $1000 to those who file before 2/15. I know people who file on 1/1 hoping to get SEOG and work study funds at schools that traditionally run out.
Not true. There are some kinds of federally funded aid that have limited funding per college campus. These are awarded on a first come-first served basis. They include federal work study, SEOG (if your school has it), and Perkins Loans (which I hearhave been extended). You can do your initial filing of the FAFSA on January 1 using a “will file” status…and excellent estimates for the 2015 tax year. The after Fwb 1, get your taxes done ASAP, and amend the FAFSA to reflect the actual 2015 tax numbers.