<p>I know this sounds incredibly dumb, but I can't seem to figure out from the fafsa form which year's income info they want. D will start college in the fall of '10. So do I use 2009 income?
Thanks for help,
clueless</p>
<p>For the fall of 2010, you will file with your 2009 Income Tax return figures.</p>
<p>Thank you! Thought so, but wanted to make sure. So I guess that means you have everything ready to go for the accountant at the end of december, rather than April. It will be a complicated year for fafsa to figure out, as husband passed away in April- that ought to throw a monkey wrench in the computer.</p>
<p>Sorry to hear about your husband. My sympathies.</p>
<p>Here is a link that will help you to figure things out when the time comes: <a href=“http://ifap.ed.gov/fsahandbook/attachments/0910AVGCh4.pdf[/url]”>http://ifap.ed.gov/fsahandbook/attachments/0910AVGCh4.pdf</a> (avg-92 at bottom of page you should read). In addition, if you have a life insurance distribution, you may need to talk to the school’s financial aid office to request a review if your EFC is really high as a result (it may not be - just know that you may want to ask about special circumstances if necessary).</p>
<p>You will file divorced/widowed. You will not need to include H’s portion of the income/taxes - that is what the link explains - how to separate out the income.</p>
<p>My condolences about your husband, hang in there. </p>
<p>One thing to keep in mind is that you can submit an estimated FAFSA (taxes not yet finished) early on and then update and finalized it when your taxes are done. It is a much better idea to submit an early estimate rather than wait until your taxes are completed if it’s going to be very late; as sometimes FA is on a first come, first served basis and you want to have some sort of placeholder for your child. </p>
<p>If you do estimate, be a little on the liberal side, in the sense of receiving a little more FA than you think you will eventually get. While your FA might be cut back later, it is better to do that than to find your calculated need is more, but that a school has run out of funds.</p>
<p>Hope that makes sense!</p>
<p>FYI: FAFSA for the 2010-2011 school year won’t be available until Jan 1, 2010.</p>
<p>
</p>
<p>Underestimate income, and overestimate expenses.</p>
<p>^^^thanks for the clarification ODad ;)!</p>
<p>^ Do you mean that if I’m going to be a senior this year in the fall and applying for college entrance in fall 2010, I have to wait for the fafsa form 2010-2011 in January? What if I’m applying to Early Action schools with deadlines before then? Thanks!</p>
<p>Tristan-</p>
<p>You still have to wait until January to file the FAFSA. There’s no way around that.</p>
<p>The school will make their admission decision regardless of FAFSA info.</p>
<p>Thanks, that clears it up! :)</p>
<p>I have the same question. </p>
<p>D is going into her Senior year this August. </p>
<ol>
<li><p>So I should file the FAFSA after January, 2010, is that correct? </p></li>
<li><p>Am I understanding that it’s better to file on Jan. 1, 2010 using the previous year’s taxes or wait until late Feb. when I know the current year’s taxes?</p></li>
</ol>
<p>Thanks.</p>
<p>
</p>
<p>In January, file the 2010-2011 with your best estimate of your 2009 income. You update the FAFSA when you have final numbers. If you have just W-2, interest, and dividend income, it is fairly easy to get close. If you own a business, good luck.</p>
<p>Thank all of you for the advice and condolences- it has been crazy as we do own a business (sounds like that makes estimating income even more complicated), and I have been trying to do husbands job and mine while I figure everything out. Our income will be so different this year I don’t have any idea whether it will qualify for fafsa or not, but as d inherited enough to pay for college, I think we will probably forget about it.</p>
<p>If your daughter inherited enough to pay for college and that money is in her name then I don’t think you will qualify for any need based assistance. I too am sorry to hear about you husband.</p>
<p>To the poster who mentioned Early Action application…agreed with others…the FAFSA can’t be done until Jan 1. BUT…some of these schools require the Profile or their own financial aid form which they will want completed EARLY for a priority consideration for EA accepted students. When DD applied EA to two schools, the deadline for priority filing of the Profile was the beginning of November. SO…check the school website. And you will complete that Profile in November using your BEST estimates for the 2009 tax year (for students enrolling in Sept 2010).</p>
<p>OperaDad - Thanks. </p>
<p>Makes me nervous to use 2009 info instead of 2010 info… would rather be accurate, but not at the risk of getting $!</p>
<p>No - I don’t have my own business. I’m a teacher. But I did get royalties this year from a book. No investments. No secondary properties. So it’s pretty straight forward at tax time.</p>
<p>Making you nervous is the natural reaction of anyone first starting on the financial aid process. But trust us, you do not want to wait to have your taxes done in March or April.</p>
<p>If you can have your taxes done in January, fantastic. But otherwise, you need to file on estimates.</p>
<p>Thanks muchly. 
Will be filing on Jan. 1 for sure. Can’t risk no money. </p>
<p>Will look into Early Action too I supose… there’s more money the earlier you ask, right?</p>
<p>That all depends. Peruse the threads to get an idea of which schools do what & when.</p>
<p>Will do.<br>
So much information to manage… glad the list is getting smaller as time goes by!
:)</p>