FAFSA update? Manual or IRS Data Retrieval when you OWE taxes

Paying for College
1

<p>We completed the FAFSA in early January, using 2012 figures. We've done our 2013 taxes and find we owe taxes. Husband would like to wait til April 15th to pay the tax, I'm concerned that will affect financial aid awards for our first year freshman daughter. Will it?</p>

<p>Someone said you can file taxes now, without paying - and pay by the deadline of April 15th. Is that true? Is that a better way to go? Can you use the IRS Data Retrieval process before your tax is paid?</p>

<p>I was wondering if we could go in and manually update the info on the FAFSA.
We have a few March 1st deadlines, and want to be sure all our stuff is in. </p>

<p>This is very confusing and giving us a big headache. :)</p>

2

<p>You can’t use the DRT until the amount is paid or well into May, whichever comes first. If your fafsa has not been selected for verification you can manually update and unless subsequently selected for verification you should be ok. But if paying now isn’t a real hardship, I would pay now and use the DRT. It’s going to take a week or so for the payment to process and for the DRT to be available.</p>