<p>I haven't submitted our FAFSA application yet because we have not filed our 2006 income tax. My question is, if I submit the FAFSA with not having filed 2006 how do they know my information is correct? What is the process they use to check us for financial aid??</p>
<p>If you submit the FAFSA before you complete your 2006 return, you would submit it using "will file" as your (and your parent's) status. You would use very close estimated numbers for income and taxes in 2006 usually based on the last pay stub of the year...oh and you also include interest income because that is part of Adjusted Gross Income. You put in your assets as of the day of your filing.Then you submit. Once you complete your taxes, you go back to the FAFSA website and update the information to reflect the accurate numbers on your 2006 return. You can only change the income/taxes and any mistakes you make. The assets you list should be the ones that you used on your initial estimated filing. HOWEVER, having said all of that...why not get the taxes done ASAP....like NOW. Then you could just do the FAFSA once. If you have a deadline to meet....do estimates. And to answer your question..."how do they know"....well....remember that almost everything is done by computer these days. And also, your finaid award will not be finalized until you amend the FAFSA with corrected 2006 tax info and correct the filing status to "taxes filed".</p>