<p>My original plan was to file 2013 taxes first than file the FAFSA. But this means waiting until late January to file the FAFSA. Is that a good plan? Or should I file the FAFSA in early January and use estimated tax numbers or 2012 numbers? If I do this will the colleges know these are estimated numbers? I think our income was about the same both years and our assets have not changed that much either.</p>
<p>This is for a high school senior that will start college next fall.</p>
<p>Thanks</p>
<p>File earlier using estimates if you think you qualify for aid other than the direct loans. Colleges will know it’s estimated because you will choose the ‘will file’ tax status. Later when taxes are done update the income info or use the IRS Data Retrieval Tool on the fafsa site. That will pull over tax info from the IRS. Then you will indicate the ‘have filed’ tax status.</p>
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Yes they know.</p>
<p>annoyingdad: “Later when taxes are done update the income info or use the IRS Data Retrieval Tool on the fafsa site.”</p>
<p>How do you update the income information after you’ve sent the colleges estimated numbers? Do you create another FSFSA form or do you just update the one you created and resend? Thank you.</p>
<p>You will login back into the FAFSA website and update. Remember you are only updating the tax information, not the asset information.</p>
<p>You go to <a href=“http://www.fafsa.gov%5B/url%5D”>www.fafsa.gov</a> and then choose to “submit a correction,” I believe. That’s what I’ve always done, at least. I fix my mother’s income and then change her status to “have filed.”</p>