So I was selected for verification because my incomes didn’t match. I looked closely and they matched from the 2015 and this year’s FAFSA (since it’s prior-prior year).
Then I realized I put my income in the wrong box in the LAST fafsa, so this year’s income would be incorrect for 2015 because I didn’t even have an income. Didn’t do taxes either, because I had no income. That was gifted amounts from parents, family, etc.
It allows me to make corrections to the last year’s FAFSA, as well as this year’s. Should I just make corrections as $0 to both FAFSA forms so that the incomes match? I’m not sure what happens if I correct an old FAFSA…
You need to correct the 2017-2018 fafsa. That’s the one for the NEXT academic year.
I am assuming you are at the same school for both years. Correcting is not what is necessary in this case, if the student was flagged for an income mismatch. When you get flagged for inconsistent income information this year, you are required to provide the school your 2015 tax transcript … unless you did the IRS Data Retrieval for your 2017-2018 FAFSA. You should not make the changes. Your financial aid office will need to fix BOTH your 2016-2017 FAFSA and your 2017-2018 FAFSA using the tax transcript information. This may impact the aid you have already received for 2016-2017.