<p>Hi,
As I was reviewing my tax return one last time (I haven't mailed it yet to the IRS since I owe taxes-- but it was the basis of the FAFSA and the tax forms mailed to the schools) ... I see I made an error which overstated income..so implicitly we generated a higher EFC.</p>
<p>In a rush to meet the early deadline-- I took income from Box 3 instead of Box 1 on my W2s for the Line 7 Income of the 1040.</p>
<p>If this is added back in to the EFC calculation anyways on FAFSA- then it's not worth /required to re-file the FAFSA? But our income is overstated by a few thousand dollars.</p>
<p>How do I re-submit a FAFSA?
Will this delay financial aid awards?
Does refiling trigger any sort of other headaches?</p>
<p>Thanks</p>
<p>Assuming you submitted your FAFSA online, you also correct on line. Go to Page One and click the link that says to correct an already processed FAFSA. Note that just “submitted” is not a sufficient category for amendment. It has to be processed after submission, which takes 3-5 days after submission. I may have made a mistake on mine, and even just to view it, print it I also have to wait 3-5 days.</p>
<p>If you submitted on paper, there are ways to correct that, too, but I think you have to stay with whatever route you initiated to make those corrections – electronic or paper.</p>
<p>I always find the customer service people at FAFSA helpful. Just dial the 800 number, then press zero when the recording comes on.</p>
<p>It was submitted, processed and downloaded by all schools in Mid January!</p>
<p>UGGGH…I am so mad.
Just redid the taxes…
Now I have clean forms to fax to the schools</p>
<p>I will hit the resubmit button.
Thanks</p>
<p>So frustrating…URGGHHHHHH</p>
<p>It’s not a choice. You have to correct it to accurately reflect what will be on your actual tax return. Plus it will make a difference. I am guessing the difference is because of IRA or 401k contributions? If you correctly reported the IRA/401k contributions on FAFSA then yes they will be added back in the EFC formula. But right now if you have included them in income and reported the contributions then the contributions will be added to income again so they will be double counted. Also if you overstated your income then you presumably overstated your taxes so that will have to be corrected as well.</p>
<p>You just need to go into FAFSA and make corrections. [FAFSA</a> - Free Application for Federal Student Aid](<a href=“http://www.fafsa.ed.gov/FOTWWebApp/complete014.jsp]FAFSA”>http://www.fafsa.ed.gov/FOTWWebApp/complete014.jsp)</p>
<p>I have to make corrections too. Received our returns back yesterday from the accountant and I had estimated our AGI as $5K more than the actual figure.</p>
<p>Three questions: </p>
<p>1) if H is out of town, I need to wait for him to sign the returns before mailing, correct?
2) how do you know if the schools have downloaded your FAFSA? I called one school that S was admitted to and they said they download once a week but we have received nothing directly from the school about our status. Is this typical?
3) Should I go ahead and amend the FAFSA now even though the returns won’t be mailed for a week (on H’s return) or is it o.k. to amend now even though returns haven’t actually been mailed yet?</p>
<p>Sent swimcatsmom a PM</p>
<p>Fixed things on my FAFSA…but expected a significantly changed EFC…and that was not the case.
Wondering why?
Was assuming 47% of AGI attributed to EFC…but the reduction in the EFC after the FAFSA correction was only 12.4%…EFC fell by $x which was 12.4% of the decline in total income correction-- most disappointing…!.</p>