<p>This is the first time something like this has happened . I usually the FAFSA filed with estimates in early January as I know it's better to just get that thing in there early - even if it's just estimates. By early Feb., I file the taxes and do final corrections on the SAR.</p>
<p>An Aunt died and left us about $600 that were liquidated from some kind of funds and sent to us in 2006 . The broker that does the tax forms for the Aunt's estate said the tax information will not be ready until mid - March !!!! </p>
<p>Should I file taxes now, finalize the FAFSA and amend tax forms later when I get these last forms in March ?? </p>
<p>Ordinarily , I would wait but I want to do what's best as it's my D's final year in college and 2007-2008 is my S's BASE year for financial aid .</p>
<p>File now and correct later. I doubt your Aunt's taxes regarding her estate will have any affect.</p>
<p>When my Dad died my inheritance from him was not reportable anywhere on my taxes. In his case any assets were sold then the inheritances given out. I think if we had asked that his shares not be sold but transferred to us as shares, then we had sold them there would have been taxes to us on any increase in value after his death. But as the 'estate' dealt with all that there was no tax implication for us.</p>
<p>I think the lawyer said it was because the inheritance was liquidated ( stocks, bonds , IRA , ect ) & there were still dividends only for that year that had to be reported to the IRS for the beneficiaries ( which is NOT the student , btw ) .</p>
<p>I think for my peace of mind , I will file taxes now and do an 1040x when I finally get the forms end of March.</p>