So I did the FAFSA for the 2016-2017 school year using information from 2014, as information from 2015 was not available to me by the deadline. This was sent to my schools and was selected for verification. I made sure to select that it was an estimate from 2014.
I will be updating the FAFSA using the latest tax information as soon as my parents give it to me. Will it too automatically be selected for verification? Will I have to submit my 2014 papers for verification as well?
You will submit only the 2015 tax documents for verification, IF ASKED for tax documents. My kids were selected for verification last year and I had to fill in a form but I think that was about it. I have two in college and I think they were mostly concerned about that, making sure they really were both in college. If you use the DRT, most accept that your taxes are correct as filed.
@twoinanddone I have noticed varying differences between universities. One gave me my scholarship information and that was about it. Zero mention of verification. Another sent me several e-mails with lists of information that was required or I would be denied federal aid. They did not mention if they needed 2014 or 2015 information. I was very confused.
The one that didn’t mention verification was a public school (other publics in-state and out of state did want verification) while every private school wants intensive verification.
Will the school that didn’t mention verification at all still need these documents (and they just neglected to tell me), or am I fine for that school?
My parents tax files are an absolute mess so finding all these papers is a real pain.
Also, if my FAFSA was selected for verification using 2014 information, it won’t be selected for verification by default when I update it?
It’s April. When do you plan to get that FAFSA updated? Any aid you receive before it is updated to reflect completed 2015 taxes will be an estimate only.
When you did your FAFSA using estimates…you should have used the BEST estimates for the 2015 tax year.
Your parents need to get their 2015 taxes done asap so that you can get a financial aid estimate from the schools based on accurate numbers.
Once they get their taxes done and hopefully any tax due paid at the time of filing, you can check in a week or so if the IRS data retrieval tool is available to link your parents’ tax return to the FAFSA.
You can find out if schools will accept that for verification or if they want a tax transcript or have other required forms to fill out.