File Now,amend Later?

Parent Cafe
1

<p>I did not realize that Congress delayed so much for tax changes for 2006 . A certain dividends reporting form is not available to us to complete taxes until mid - March 2007.</p>

<p>Our dilemma is that I have a first time college son (for 2007-2008 so this is his crucial base year ) and one daughter still in college and I ALWAYS have my taxes done by Feb 10 ! Then, file final FAFSA ( we did Estimate second week of Jan .) Btw , the amount that will need to be reported as dividends is about $600 .</p>

<p>Now I need to know if I should wait until mid-March to file taxes , file final FAFSA .</p>

<p>OR FILE NOW , and do the 1040x amend later .</p>

<p>What LOOKS better ??? We are in below $50,000 income category .</p>

<p>Do these FOA really not begin to look at FAFSA online at their schools until beginning of March anyway ??'</p>

2

<p>It probably doesn't matter. The extra $600 in dividend income is going to raise your EFC by about $250 at most. The colleges will base the financial aid award you eventually get by the final return, whenever you file it -- and mid-March will probably be soon enough to get an award from the college. So I would say it is fine to wait -- but if it gives you more piece of mind, then you can go ahead and file the taxes now; it's pretty easy to file the 1040x if you go that route.</p>