<p>Ok. I just found out that you can fill out the fafsa form w/o your 2006 tax but you must provide ?income and tax information?</p>
<p>On the fourth page of the 2007-2008 fafsa app, it asks for your family?s adjusdted gross income. If you havent filed your tax yet, can you (or should you) fill out this question of the form?</p>
<p>Below this part, the form asks for your parent?s individual income. Should these amount added together be higher than the adjusted gross income? My dad was figuring out stuff from the pay stubs yesterday and somehow the two wages combined are higher than the family?s adjusted income. Is this right?</p>
<p>Thank You for your help guys. I?m the first in my family to go to college and my parents are pretty much as clueless as me.</p>
<p>Yes, put in those estimated numbers, I usually use "000" numbers like $10,000 or $25,000 etc so it is easy when I go back to correct to see where I estimated.</p>
<p>Your cash & assets are the actual numbers as of the day the FAFSA is filed and do not get adjusted. The numbers you will adjust are income tax return numbers, if you expect this year to be like last year, then use last years as a guide. I generally estimate the two parents numbers based on adding up together, he may be looking at gross vs adjusted gross income. It is not critical that the initial estimated numbers be right, just the ball park is fine.</p>
<p>We are doing a renewal FAFSA for DD. We will use basically the same info that we used last year, adjusting income up a bit, and our assets (savings, etc) have gone DOWN (yes, we are using them to pay those college bills...does anyone notice that???). Since this has to be done by February 1, we'll do it soon, and then amend the first week of January or so. DS needs to do one for grad schools. We'll do his also as a renewal but of course, we'll delete all of the parent information, adjust his estimates, delete his undergrad school...and send to the grad schools. Whoopee. And we'll do it ALL this week...then update in February.</p>
<p>Ok, so you have to have your 2006 tax return done by Feb 1, no buts about it, right? It is going to be tough convincing my husband of this since he always does them on right around April 15th.</p>
<p>No. Estimate now, and correct it later after you do your taxes. Meet the deadline. Nearly everyone estimates and corrects. It's easy, and expected. Check the "will file" taxes now, and when you correct later, change it to "have filed" taxes.</p>
<p>Wow, I was confused. I thought someone stated that you have to do your taxes by Feb 1; I guess they meant just if that's helpful in doing the application. My husband almost had a heart attack when I told him he had to have his taxes done by 2/1. Thanks again.</p>
<p>CMA1 - your husband sounds like mine! Just tell him not to have a heart attack on April 14th. Mine was hospitalised in critical care unit one year the evening of the 14th - having felt really ill for several days but refusing to go to the hospital because he was working on taxes at the last minute. The 15th was a fun day - between worrying about him and trying to follow his instructions to get the taxes filed.</p>
<p>Another question...how much more difficult is the FAFSA than the CCS? My husband already completed the CCS back in October. So, I'm praying it isn't that much different to ease his mind.</p>
<p>Swimcatsmom, yup, that's my husband too. Every year, I fear he will get himself sick over taxes. It is a horrible time. I hope your husband is doing well.</p>
<p>You should estimate to meet the deadline. HOWEVER I would strongly advise everyone to get their finalized taxes done well in advance of the 15th of April. Schools will send you an ESTIMATED finaid award but they will NOT finalize it until your finaid documents, including your 2006 tax return info, are updated to reflect the correct data on your 2006 taxes. Especially if you are comparing finaid packages...you could be in for a big surprise when your finalized award is different than the estimated ones (which DID happen to us last year...thousands of dollars less than the original award at one school, no change at another). I think this cannot be emphasized enough. The year your child is a senior in high school (in anticipation of freshman year of college) is NOT the year to delay doing your taxes until the last minute...not if you REALLY want to know your finaid package before you make your final college choices by May 1.</p>
<p>Also, read the FA papers for each school very carefully. I just realized this week that one school that uses its own application rather than the CSS Profile requires signed and filed 2006 tax returns by Feb. 25. That's not clear anywhere but on the form itself.</p>
<p>Thanks, I went to colleges' websites and also discovered that one of them required a form due on 1/1. </p>
<p>But something is really concerning me...if schools are REALLY as need blind as they claim to be, what would happen if a majority of their accepted students needed financial aid-what if the aid was tremendous amount more than they anticipated-would need blind still work? So, if it is really true if schools do not take into account if a student did or did not apply for financial aid. For instance, if they have a student not applying for financial aid who is on the borderline of being accepted or not, would not applying help him/her get in? I know this has been discussed before, but right now when it matters the most to me, I guess I am questioning whether I'm hurting my child by applying for FI, or if mortgaging the house is a better approach.ugh</p>