Hi,
I understand that the FAFSA must be filed with 2016 tax returns, as the even the normal extension deadline has passed, meaning people should definitely have them in. However, I;m from Florida, so due to recent hurricanes, the extension deadline was EXTENDED even FURTHER to January.
My family is one of the ones who don’t have our 2016 tax returns filed yet as a result, but I want to get FAFSA done as soon as possible, and need it done by December. Is this considered a special circumstance to which my family could use our 2015 tax returns? Or is our best bet just trying to file 2016 tax returns ASAP and get the FAFSA in?
You can NOT use the 2015 tax return information to complete the 2018-2019 FAFSA ever…at all. You MUST use 2016 tax return information.
So…when will you taxes be completed? Yes, there has been an extension in your state until January, but that does not mean you have to wait to get them done. You have all the information…your parents need to get this done ASAP.
This is something that all entering students know is happening. You just need to get the taxes done ASAP this year. Can that happen?
Unless you town is still without power, you should be able to get these done.
You can file the FAFSA with estimates of your 2016 income and if you expect your 2016 to be similar to your 2015 income, you can use 2015 to get the estimate, but you will not actually use the 2015 income. You will indicate that on the FAFSA that you WILL file rather than HAVE filed and then you will have to finalize your FAFSA by using the DRT or getting a tax transcript or other method acceptable after you have actually filed your taxes.
Do you expect to qualify for federal grants or a lot of need based aid? If not, you may not need to file FAFSA until January. Check with the schools to see if there is a priority deadline. You meet that deadline if you file with estimates.
Thanks for replying! yes, it’s possible that we get this process moving as quickly as we can, so hopefully it can be done within a couple weeks. Just wanted clarification that we were not under a special circumstance…the FAFSA 1-800 number was no help in finding that out.
I know the sooner it gets done, the better, so do you know if it will hinder me that much if I fill it out, say, by end of November-early December?
There is no way for FAFSA to put you under ‘special circumstance’ as it is just an information gathering form. What the schools do with that information is up to the schools. The schools can set priority deadlines, or give out the funds in the order the forms are filed, or extend those deadlines because of special circumstances.
It may be that some Florida universities will extend priority deadlines for residents. They probably haven’t decided if they need to yet. I know someone who used to stay up till midnight on 1/1 to be first to file. She was convinced that if you filed one minute past midnight you’d get less money. That of course was in the days where everyone was filing with estimates and then using the DRT after taxes were filed.
Unlike with tax filing, they can’t just waive the late filing penalty. Each school has to do that, and the waiving would be allowing late filers into the priority pool.
The same goes for the Profile. The difference is you cannot amend the Profile online when you complete your taxes. It’s best to get them done before you file the Profile.
You MUST use 2016 tax return info on the 2018-2019 Profile as well.
Are you saying you can’t get these taxes done within the next week or so? Why would that be? Just because you have been allowed an extension doesn’t mean you have to actually use that extra time.