HI,
My kid graduates from H.S in 2021-2022 -she is going to be a Sophomore starting this fall and start college in fall 2022.Does this mean FAFSA taxes would be for 2019 i.e current year ? Pardon my ignorance.
https://www.princetonreview.com/college-advice/fafsa-faqs
TIA,
Your 2020 tax return will be the basis of your FAFSA for college entry fall 2022. Your 2021 tax return will be the FAFSA basis for her sophomore year, and so on. Your assets are reported as they are the day you fill out the FAFSA each year.
Thx, @brantly. Based on The Princteon review article, it said for 2021-2022 college year, the tax return will be for 2019. This is what was getting me confused. She is the Class of 2022 i.e going to college in fall 2022.
Well then, her first academic year of college will be 2022-2023. As brantly says, her first FAFSA will be based on the 2020 tax year.
@vijay172 What you cite is consistent. Nothing confusing about it.
HS grad class 2021 = College freshman year 2021-2022 = Tax return 2019
HS grad class 2022 = College freshman year 2022-2023 = Tax return 2020
HS grad class 2023 = College freshman year 2023-2024 = Tax return 2021
The 2022/23 FAFSA will be available starting October 1 of 2021 (Fall of senior year of HS).