<p>I understand that if I submit the FAFSA on January 1st or anytime in the start of January, I will be submitting it as a will file. The numbers I put in are just estimates based off of the 05 year.</p>
<p>After recieving the tax returns in early to mid Feb. do I just send the returns to the school or do I amend the FAFSA and resubmit? </p>
<p>Sending it in early with not necessarily the correct figures doesn't make much sense to me, as they are not going to make a financial decision based off estimates.</p>
<p>You resubmit the FAFSA with corrected numbers. I look at the first filing as saving your place in line for funds & if the numbers are reasonably close (pell grant or not, etc) the school can do pleliminary planning, but they don't usually get you your numbers any too soon. I am not sure what happens if you have not filed by April or May!</p>
<p>You will make any corrections on the FAFSA with the Dept of Education. If you file the FAFSA online, there is a link to update a previously submitted FAFSA on the FAFSA homepage.</p>
<p>The profile is specifically designed to be submitted based on estimates. Schools that want the profile are likely to request your tax return as soon as it is complete (not necessarily filed) to compare your estimates.</p>
<p>It is very important that you do not wait until your taxes are finished before you file either of these forms. The school priority deadlines are normally (read 99% of the time) much earlier than April 15th. These priority deadlines are the point where the schools begin allocating the money. If you are late getting in line, then you will be in a line with much less money to go around (not a good situation).</p>
<p>One last item to keep in mind, complete your tax returns as soon as you can. You don't have to file your tax return until the last moment, but a completed return may be requested by the schools.</p>
<p>I made a small error that affected income by $2.00. The FAFSA people and I imagine IRS caught the error and amended the 1040 (no affect on the taxes) and sent notifications to the school and to the lender. Hmmm, and we worry about wiretaps without warrants and oversight.</p>