I filled out Fafsa last weekend because one of D’s schools requires it be filed by Feb 10 for merit aid. I was not able to base it on actual filed taxes yet because we were still missing one statement, though I had “unofficial” info. The financial institution has now finalized the statement and it turns out that it is the same as the preliminary numbers I was given. This means that what I filed was the same as the final even though I checked the box that said I hadn’t filed my taxes yet. Also, the EFC it calculated was higher than the cost of any school she is potentially attending so there is no hope of need based aid. The sole purpose of this form was to keep that one merit scholarship.
So my question is, do I need to go back in and update this now? No one is using it to calculate aid. We aren’t planning to file our taxes until April because we owe a fair amount of money so I don’t feel right going in and changing it to say that it is based on taxes that were already filed, because that isn’t true. Is it ok to wait until April to update it?
Look at the school’s website to find out if they require FAFSA to be verified through the DRT Tool (this option will show up after you change your filing status to “Already Filed”) and by what date.
You can file taxes now, change your FAFSA status to “filed,” and pay the tax due in April. You don’t have to pay when you file; just pay by the IRS deadline.
We did taxes last weekend, paid what we owed (electronically withdrawn from bank) on Wednesday and the DRT was available yesterday! It was a pretty quick turn around (not the 2-3 weeks they advertised). If I recall last year was pretty quick too. But, yeah, if you don’t actually pay that’s a different story…
Thanks everyone. I will call the school. I didn’t realize this was a school specific question. I hope they don’t require us to use the DRT. Due to an identity theft issue we weren’t able to file electronically last year (IRS system actually refused to accept our return) and I’m not sure if we can this year or not, though I think we are all straightened out with the IRS now. We were planning on filing paper. According to the link posted above, if you file a paper return then the numbers aren’t ready for DRT until around July. This could put this school right out of the running.
DRT does not require that owed taxes be paid; only that the return be filed. I filed electronically on 1/27 with a significant underpayment (which I have no intention of paying until 4/18!). On 2/7 (when DRT was first available) my IRS data was there for retrieval. And the updates have since been processed and a new SAR generated. Anecdotal, I know… but may be of help to someone.
You can file on paper and obtain a Tax transcript that is usually an acceptable alternative to DRT. If you have identity issues transcript may not be available online but it arrives by mail pretty fast.