<p>I have a dilemma...</p>
<p>some of my colleges require the FAFSA be in by February 15th (or maybe even February 1st...), and for the FAFSA, I will need mine and my parent's 2006 tax returns. However, it is very unlikely that returns will be ready by February 15th (isn't this true of MOST families... or am I just out of the loop here?). What should I do?</p>
<p>File the FAFSA by estimates... and then fix it for each of my TEN colleges? Or, do I not have to fix it??? Any advice would be appreciated.</p>
<p>Most employers are required to distribute W-2s by 1/31. You can use your/your parents last pay stub (and last years taxes) to estimate the FAFSA and then go back and make corrections.</p>
<p>For the first year it is really important that you/your parents file their taxes early as most schools will still ask for a copy of their 2006 return along with the supporting W-2s before an award is issued. Most schools have their FA deadlines for freshmen well before the april 15 filing deadline.</p>
<p>If you don't meet the schools FA deadline may miss out on getting what ever "free money" is available and could end up with a package that is heavy on loans (remember the process will still go on without you) because schools do have and stick to their FA budgets or you could end up not getting any FA.</p>
<p>I concur with Sybbie. The year you child will be a freshman in college is NOT the year to delay doing your federal income taxes. Do them as soon as possible after Feb 1. You can file your FAFSA using estimates based on final pay stubs from 2006, and your bank info. You would file the FAFSA as a "will file" indicating you will file your taxes. Then submit. BUT AS SOON AS POSSIBLE (and yes I mean to be "yelling") after Feb 1 both student and parent should complete the taxes, and then go online and amend the FAFSA to reflect the accurate numbers on your tax returns. Then you submit the amended FAFSA online. The reality is that some schools will send you an estimated finaid award based on estimates, and others simply will NOT. AND no school will finalize their finaid award to you until your taxes are completed and the finaid applications (FAFSA and Profile if needed) are updated to reflect the completed returns.</p>