Lots of deductions to get from $500,000 gross income to an AGI of $98,000. Some schools will add back in some of those deductions. Some schools will want documentation of these business exoenses.
SO…good that you have it done NOW. You won’t be able to link to the IRS Data Retrieval Tool for about three weeks (assuming your parents filed electronically AND included any payment they owed at the time of submission).
Are any of the schools affordable if you get zero financial aid?
I was able to do the irs link within 5 days of filing, fyi.
Yes…sometimes it’s sooner. But usually it’s 2-3 weeks after electronic filing.
Did it take you that long this year?
Curious because last year was just about as fast for me, I was pleasantly surprised.
This year refund issued/payment check cashed within 3 days of filing, IRS link available the next time I checked after that, which was 1-2 days later. Maybe it was available even faster, I can’t be sure since I didn’t try as early.
Compared to 2012 or so, when I tried to do it 2 and 3 and 4 weeks after and not being able to, the past two years have been really fast.
I filed 2 1/2 weeks ago. Mine still isn’t available for linking. I don’t need to…but if I did, I wouldn’t be able to.
Wow I wonder what the difference is. I’d be interested to know if you are unable to after 3 weeks.
@OHMomof2 Since I won’t need to, I won’t even be checking. But last year…I couldn’t update after two weeks…but was able to do so after three.
I think this just varies.
Hopefully they’ve gotten more efficient and faster will be the new normal.
So my fafsa was successfully processed, though I still need to link the tax form to the IRS.
Anyways, some of my colleges already sent me my financial aid package. It probably won’t be an accurate estimate right? Will they send me a new estimate once they get my new fafsa?
Our IRS linking was fine a week after submitting taxes, then me and my son filing his FAFSA. It does warn 3 weeks, but it usually is quicker if not right at the tax deadline, at least that’s my suspicion.
I am curious though - the OP used the parents’ 2014 earnings data, but didn’t explain that he had to estimate the 2015 earnings data? Because if they have jobs with W2 forms, those are usually done in January and they should have known what 2015 looked like, plus the last paystubs of 2015 would have come the last week of 2015.
At this point, is there any reason to modify the FAFSA except for the school that the OP actually goes to?
My parents are business owners(meaning self-exployed) so they do not get W2 forms or paystubs.