<p>I probably should have filled this out last month, but, alas, we left it to the last minute. We have most of it filled out but my mom is NOT familiar with her investments, money market funds, bonds, etc. (She just hires an accountant.) So we did our best to fill everything out as accurately as we could. Should I submit the application then? I know I also have to mail in the W-2 forms and the tax returns by Nov 15th so they will have the documents. Am I going to be penalized (somehow) for possibly filling things out incorrectly? I figure if we screwed anything up that the financial aid office will catch it and make corresponding corrections. Any advice/info/knowledge on subject would be greatly appreciated!!!</p>
<p>First of all, does your mother have statements so that she knows exactly what her account balances are today or tomorrow? Can she find out how much she has if she had to liquidate al of her investments? Those would be the asset values. The income is estimated based on what she has made to date–looking at the last pay stub is the best way to do that, and estimating interest and dividnends.</p>
<p>I don’t think you have to mail in the w2s and tax returns unless the school wants to see 2013’s since you won’t have 2014s. Early in 2014, you will likely have to fill out the FAFSA which you should do as soon as your parents complete their tax return. This year, they should do it early. THose are the numbers that will be used, and most schools will adjust or instruct you to go through other verification. No penalties for mistakes other than they will affect your package when the info is corrected. </p>
<p>Your mother should be able to access all of her accounts online to get the current amount in those accounts.</p>
<p>And yes…some schools do require tax returns and w-2 forms as part of their financial aid process.</p>