<p>My parents own a small business and have already begun the process of filing their taxes, but the deadline for most of my schools if Feb. 15, I've already missed the Feb. 1 deadline for a school. I know that there is a "will file" option for FAFSA but it still asks for estimates for income, tax exemptions, etc. and I'm not sure how I should estimate it because the numbers this year are expected to be pretty different from last year's. Should I just email the financial aid offices of the schools I applied to explaining this or should I just put extremely rough estimates for everything (and what about CSS Profile?).</p>
<p>*I should also note that my parents do not speak English very well so I'm responsible for everything. My older siblings have never used CSS Profile, so any help would be much appreciated! </p>
<p>You can try to contact the schools but there is usually limited funding available and it will go to those who file on time. I highly recommend you make as close an estimate as possible and file immediately to meet your deadlines, then update when you get the complete returns.</p>
<p>I agree with Erin’s dad. Choose the “will file” option on FAFSA and make your best estimate. You will then have your “spot” in the financial aid line. Once the taxes are completed, log back in to FAFSA and enter the real numbers for the 2011 taxes.</p>
<p>Give estimates. It doesn’t matter whether they are close. Once your actual numbers arrive, they will change their numbers. Don’t miss a deadline.</p>
<p>Do the forms with the VERY best estimates you can drum up. File the FAFSA NOW using the “will file” status and then update as soon as your parents get their taxes done. They really need to do this ASAP.</p>
<p>Don’t miss deadlines…missing deadlines could mean missing out on aid.</p>
<p>We had to do this exact thing for our son. My husband and I are both self-employed and expecting quite different numbers from last year. We think it will be pretty close to 2 years ago, so I used those numbers as an estimate.
Very difficult to get taxes done before March when you own your own business, as 1099 forms (which go to subcontractors, anong others), do not have to be sent until the end of February. We always have to wait on these and 1099’s from investments. So when everyone says to get your taxes done, many times you cannot, until these forms are in. We have had to estimate FAFSA, then go back in to correct it. Just beware that initial estimates of need-based financial aid may be based on that estimated income. Do not count on that being the bottom line until you have corrected the FAFSA. I have had to call schools before to see if they have received the corrected information and to see when they will adjust the FA package based on that.</p>
<p>As one who has gotten 1099 forms…They do not HAVE to be done before the end of February but the CAN be done before the end of February.</p>
<p>But you did the right thing…you did the best estimates you could muster up. That is what matters. You can update as soon as you get those taxes completed.</p>