<p>I am sitting down to fill out the PFS (due by 2/1 for son's school). It is asking for information from my 2008 taxes. I realize they are asking for estimates but it is difficult to estimate some of the specific questions asked without yet having statements and doing the actual taxes. How do others handle this? Do you go off of your 2007 taxes if there won't be huge changes on the 2008 taxes? Please advise. Thanks.</p>
<p>I think you can calculate your total income by adding up the pay slips; and copy/adjust the itemized dedutions and federal tax amount from your 2007 tax return if there's no drastic changes in income level.</p>
<p>I had the same dilemma. When I called, they said to base it off 2007 so that's what I did. I only had to make one big adjustment. The school asked for 2007 returns and they were sent, along with a note saying that 2008 documents (if not return) would be forwarded as soon as available. It is important to read the "applying for FA" pages of the schools you are applying to because some schools have different requirements and deadlines. </p>
<p>The bigger question I had when filling out the form was what to put down for the question asking what school my son would be attending next year and what it would cost. That is the $10,000 question now, isn't it?!</p>
<p>Call each school that you are applying to and ask what they would prefer that you do. In our case, we sent the 2006 tax returns and estimated (FILLED OUT) the 2007 returns and used that information for the pfs. Once the 2007 returns were completed, we sent those along directly to the schools. We did not send anything additional to the pfs processing center. </p>
<p>It's always best to contact the schools directly with questions to find out what they prefer. We figured it gave us an additional reason to touch base with the school. We would usually start by calling the person who interviewed us and they would direct us to the right person. They keep records of contacts, so be sure to mention your child's name every time you call!</p>
<p>Also, when you send the completed returns to the schools post PFS, be sure to write a little paragraph detailing what is different from the estimated figures you used for the PFS.</p>
<p>And be sure to note that for a few schools, the deadline for applying for financial aid is BEFORE the deadline for the student's application.</p>
<p>Good luck!</p>
<p>BrooklynGuy,
Oh My Goodness! I had no idea some financial aid forms may be due before the child's application is due! I better start on the PFS tomorrow then! Thank you for the heads up!<br>
Now I am worried! :(</p>
<p>PA-C: Didn't mean to start panic....for Andover, I recall that the financial aid application was due January 15th, and the student's application (if for a boarding student) was not due until February 1st. Just be sure to check the applications and web sites for all your schools carefully. They each may want something different. For example, some wanted the prior year's tax forms, some wanted you to sign the form so that they could get the latest tax form from the IRS, etc. A chart or spreadsheet can be useful!</p>