<p>So I am looking to complete the FAFSA as soon as possible, but if I use the upcoming tax returns, then I will have to wait until the end of January to get the info and put it into the FAFSA. Can I use the previous year's tax returns and estimate this year's numbers to put into the FAFSA? Is that what everyone does?
THANKS for the help!</p>
<p>Short answer: yes.</p>
<p>To be most accurate, you need to look closely at your last pay stub(s) for 2010 - probably from Dec. 31.
Use <em>those</em> figures for income, amount contributed to retirement plans & FSAs.
Call your mortgage company to find out interest paid in 2010, if you itemize deductions (and outstanding balance if you are also filing CSS profile, so you can figure equity in your home).</p>
<p>Look at bank statements, etc to find interest you recieved in 2010. Check investment statements (if any) for dividends paid to you.</p>
<p>On the day you file the FAFSA, go online to look up THAT DAY’S value of all assets. – ** these numbers can’t be changed later**</p>
<p>If you itemize, track down receipts for all 2010 charitable contributions, property tax paid, etc.</p>
<p>Use the 2009 return only for numbers that you don’t yet have, or can’t obtain with a phone call or two or by looking online. This will give you the most accurate estimate of your EFC, and minimize the number of things you need to go back and change later.</p>