<p>My son will be a Freshman in 2011. I believe we can do our FAFSA after January 1st. Are we supposed to base it off of our 2009 taxes or quickly do our 2010 taxes early and use those? Or can you choose which year to use? I am not sure how this works.... For some reason I thought that the year he was a HS senior would be his base year so that would be 2010. But usually taxes aren't done till April. I hope my question makes sense! Thanks!</p>
<p>You can use last tax year’s solid numbers for 2009 that were on your tax return. Most people won’t know about this year’s numbers, yet. </p>
<p>Then, when you complete your taxes, log back on the FAFSA website and correct the return. That’s what I do each year.</p>
<p>You can’t choose which year to use. The 2011-2012 FAFSA EFC will be based on your 2010 income. You can estimate the income and submit FAFSA with the estimates and indicate that you “will file” taxes. If your income will be similar to last year then use last years data. But if you know there are big differences than estimate as accurately as possible to reflect those changes. Then once you file you will have to go back and update the income information to reflect your actual tax return data. </p>
<p>Some schools will give you a preliminary FA award based on the estimated data. Not all will though. My daughter’s school never made FA awards until we had completed our FAFSA with the actual tax data. This is not the year to leave your taxes until April. Some aid is limited and may be already gone by the time you file. Get your 2010 taxes done as early as possible.</p>
<p>You must use 2010 figures. Try to gather whatever info is needed to make close estimates (year end statements, paystubs, etc.) and you can file the FAFSA initially by checking “will file” for tax status. His FAFSA will be processed and you’ll get a SAR, but the FA office will not be able to finalize his awards until you file your taxes (and his, if necessary) and update his FAFSA with final figures and tax status. </p>
<p>Most parents of college-aged kids who need FA will not wait until April to file because the priority deadlines for financial aid are often earlier than that. Some schools will use the initial FAFSA filing date, but others will not consider the deadline to be met unless the FAFSA is finalized. You may want to ask your son’s school what their policy is.</p>
<p>Sorry - swimcatmom explained it better than I did! (Thanks!) I always use the numbers I know from the previous tax year and then modify it. It’s usually a good reason to finish my taxes quicker. I usually modify the form in early February. </p>
<p>PS. I hate taxes. However, I have to say I hate the CSS PROFILE form, more!</p>
<p>Before college and FAFSA my husband did the taxes and filed on April 15th every year. (that was fun the year he was hospitalized in the CCU on the evening of April 14th and I had to try and figure out taxes). Since we have had FAFSA to do I have been the one doing the taxes and they are done in February. Maybe he can have them back after next year.</p>
<p>Thanks everyone this has been very helpful. Swimcats mom your story is a very good reason for not waiting till April to do your taxes even if you don’t have a FAFSA to complete! Another question - I know my son is supposed to get a PIN number. Are my husband and I also supposed to get PIN numbers as well?</p>
<p>your son and one parent must have a PIN. Doesn’t matter which parent. You can apply for the PINs now. Something less to worry about down the road. Plus a good idea in case of any snafus. My son returned to school after dropping out and we had not applied for aid the first time round. It was a very late decision so it was just a few weeks before school was starting and he needed to know if he would get aid before he quit his job. For some reason his PIN application went awry and when we tried to use it the FAFSA would say it was not valid, when we tried to fix it it would say he did not have one, and if we tried to apply for one it would say he already had one. After several very unproductive phone calls to the SS administration and to the FAFSA helpline (who were well meaning but hopeless) I was actually reduced to tears of frustration. So get those PINs done sooner, rather than later.</p>
<p>Thanks - we will get them right away!</p>
<p>Well I applied for the PIN numbers. I looked a little bit at the FAFSA forms. I think this isn’t going to be easy to fill out. We own a small mom and pop business… Hubby is getting tax stuff together right now so he can start on 2010 return. Yuk. I am glad you guys are to hear to answer some questions! Thanks!</p>