<p>Is there any big rush to file the FAFSA now or is it safe to wait another 2 weeks when we can complete our tax return? I have seen a 2/15 deadline for several of the colleges ds applied to, so will definitely have FAFSA done by that deadline. Don't feel that comfortable with estimating as our income has changed from 2010 to 2011. I see a lot of people posting that they submitted FAFSA on 1/1, so that's making us nervous.</p>
<p>If your family can do a guesstimate of their tax return based on the final pay stubs in December, then there is nothing wrong with filing an estimated FAFSA now and updating it when they file their taxes. That’s what I did for Happykid’s FAFSA this year. In our case there always is a certain amount of tracking down bank statements so running a preliminary FAFSA means that I’ve located at least that much of our information.</p>
<p>That said, as long as you can get your FAFSA filed before the cut-off for the college(s) you are applying to, it will be OK.</p>
<p>File now to be safe. There is no penalty for getting estimates wrong.</p>