Ok, so apparently some schools have FAFSA deadlines of mid February? I was wondering is it even possible to file taxes this early?
Yes, it is possible.
Yes, many people file in Jan and receive refunds as early as Jan 20 (I think that was the earliest date last year). However, you don’t have to file the return before you file fafsa, you can file fafsa with estimates and then update the forms when you file taxes
@twoinanddone Wait, so I could file with lets say last year’s taxes? But then how does the aid work? When would I update it and would I get an award before or after I updated it?
Aid for 2016-17 school year is based on 2015 income. Assets are as of the date you file fafsa. All aid will be estimates until you file actual taxes. The better your estimates of actual figures the better the aid letter estimate is. Aid won’t be disbursed until the school year in fall.
NO! Don’t file with 2014 info. On January 1, you can complete your FAFSA using a will file status. This means you will file but have not yet done so. You will use your BEST ESTIMATES from the 2015 tx year. Use your last pay check stub from 2015…it will have your year to date earning. You can use your 2014 taxes as a guideline for estimating your taxes paid.
So…file using best estimates for 2015 tax year. Then get those taxes done ASAP after February 1. This is NOT the year to delay filing your taxes until April. Get them done! Once filed, wait a couple of weeks go back into the FAFSA and amend your FAFSA by linking to the IRS data retrieval tool. This will import the exact tax info right off your tax return. Change your FAFSA filing status to “taxes completed”, and resubmit.
Yes, do FAFSA and taxes early and pay attention to the deadlines for each school. Some schools will want a copy of your tax return so don’t delay