<p>In haste to fill out the FAFSA, I overestimated our earned income by not taking out the tax-deferred amount. Our finances were all over the place because of a retro check my H received. Should I fix the problem now by making a correction or wait til my taxes are done? Do I need to call the schools? Does anyone know how many corrections one is allowed?</p>
<p>I expect that in many cases the tax deferred income will be added back in
For example- if you have money diverted to retirement accounts in 2006, that money will be added back to available income when figuring EFC</p>
<p>I don't think there is a limit to number of corrections- but how big of a difference would it be?</p>
<p>I may be misunderstanding you
Are you saying that you thought you actually recieved the money last year but you did not?
Then you either can make the correction now on FAFSA or wait till taxes are done</p>
<p>I have not heard that there is a limit to the number of corrections. Someone few days ago said that they thought they were selected for verification because they made to many corrections. But I read somewhere that 30% are selected for verification anyway. I would go ahead and adjust it now. If it is a substantial amount it might reduce your initial finaid award and you may run the risk of funds being unavailable to increase the award if you correct it later. </p>
<p>I keep telling people this stuff but have not been able to convince my husband to get the estimated info together yet :( Hopefully next week.</p>
<p>I've got a question on that as well.</p>
<p>My dad put our gross annual income in for adjusted gross income. </p>
<p>I'm trying to correct it, but I can't reach my file.</p>
<p>Is it because the application has to be processed in order for me to make corrections?</p>
<p>I don't have my SAR yet. Is that why?</p>
<p>And I definitely need to correct this, right? I just really want to know my actual EFC...</p>
<p>Yes, you need to wait until you get your SAR before you can make any changes.</p>