<p>On the FAFSA, section "Financial Information" beginning with question #84, how is that supposed to be answered if my parents haven't filed their taxes yet? We can't leave it blank because it gives us an error and won't let us proceed. I was always under the impression that it could be updated later when we do have that information, but how do we submit what we do have?</p>
<p>It actually asks at the end of the section before this if I want to “skip the next questions about my parents income and assets.” Should I select yes, because then I’m done with the application apparently?</p>
<p>Do they have the final paystub from their salaries? That would give you the information you need. Fill it out as yet to be filed and ammend it when they do complete their tax forms.</p>
<p>My stepdad is self-employed so he hasn’t yet been able to compile all the info to reach a number, so he doesn’t know how much he’s going to have to pay in taxes, which is why we cannot answer the question. As for “Fill it out as yet to be filed and ammend it when they do complete their tax forms.”… how do I do that? I can’ leave it blank and I believe it has to be a number as an answer. Do I just put in a 0?</p>
<p>Didn’t realize I forgot to even post what the question is: “Enter the amount of your parents’ income tax for 2011.”</p>
<p>Is it correct that once I sign and submit the FAFSA, I can still come back and edit it? Or is it done for good once I submit it today?</p>
<p>My husband and I are both self-employed and usually cannot give correct “filed” numbers until February or March. I usually estimate whether or not we have made about what we did last year (easier said than done!) and put down an estimate (based on our last tax return numbers). Then after filing our taxes I go in and correct it. But just a warning…my kids are usually selected for verification when we do this and then we have to send copies of our taxes in to the college. Not a problem, just a pain!</p>
<p>Re: completing FAFSA before taxes:</p>
<p>The 2011-2012 FAFSA will be available for online submission on January 2, 2012. You should do it in keeping with the deadline for the schools to which you are applying. If the school has a January deadline…here’s what you do.</p>
<p>File your FAFSA using a “will file” status which means you WILL file your taxes but have not yet done so. Use the BEST possible estimates based on your end of year pay stubs, interest statements etc. Then submit it to the school(s).</p>
<p>Do your taxes as soon as reasonably possible after Feb 1 when you have all of your 2011 documentation. Go back IN to the FAFSA website and amend your FAFSA to reflect the figures from your 2011 completed tax return and resubmit to the college(s). Change your status to “taxes completed”. </p>
<p>This is the year you want to get your taxes done as soon as possible. It is NOT the year to wait until April 15th to complete your taxes.</p>
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<p>Seeking…this question usually only pops up for students who have answered YES to one of the questions that would make them independent for financial aid purposes. Did you answer YES to any of those questions and ARE you an independent student for financial aid? If you are NOT independent for financial aid, you MUST complete the parent section. Period. See above as to how to do so before the 2011 taxes are completed.</p>
<p>If you are an undergraduate student who is NOT an independent student, you need to check the answers to the questions on the FAFSA that are yes/no questions to see if you answered YES to one when you should not have. The one that students usually err on is the one about guardianship. If your parents are your guardians, you are NOT in a guardianship situation and your answer should be NO.</p>
<p>Even a guesstimate (err on the high side) and submitting in early January is better - in my opinion - then waiting until accurate figures are available. You can always go in and correct the FAFSA, even multiple times, if necessary. </p>
<p>If you want an aid package early, you really shouldn’t wait. </p>
<p>I completed FAFSA today based on some guessing, as employment/income had changed for family. My margin of error is within =/- 10% or so. I can theoretically crunch a few more numbers, fill out the tax software and correct the FAFSA again this week, after I have time to go over bank accounts and income receipts more carefully. </p>
<p>Then, I could go and correct it online after I file. If I didn’t have kids in college, I wouldn’t file until April…but April doesn’t give you much time to assess an aid package, if you have to tell the colleges you will or won’t attend by May 1st. </p>
<p>Filing taxes early (ie, February) can give you a jump on the aid packages. You still may not figure out whether you are in somewhere before March/April - but odds are much, much better you will actually see what the aid is so you can make some decisions with your acceptances.</p>
<p>Thanks for the input guys. I’ll have to get my parents to check their 2010 taxes in order to make some estimates about this year (although income is drastically different). Also, some of my schools’ deadlines for FAFSA are around February 15th (and I believe that’s for regular filing, not early or anything) so we’ll definitely need to be on the ball getting this done in the next few weeks.</p>
<p>Thanks again.</p>
<p>Also - submitting the online FAFSA is preferable to pdf copy/mailed in. </p>
<p>Faster and easier for them to detect mistakes, which could delay processing your aid. </p>
<p>SeekingUni - do you have any CSS Profile schools on your list? If so, they require the additional form completed from College Board.</p>
<p>If you submit with estimates, wait until your taxes have been submitted and link to the IRS website to dump your tax info onto the FAFSA & update to “filed” at that time. This year, verification of tax information must be done using the IRS link. The schools can’t link - you will be required to link and send your info, if necessary. This could be a pain if you do the more-than-10 FAFSA thing! ;)</p>
<p>Verification is being done a bit differently this year, with the feds determining what items they want the school to verify … so it is a change from the past. Make sure you only send the school what they request from you if you are selected for verification.</p>
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Yep, we’ve been working on that too. In fact, my dad (NCP) already submitted his part.</p>