<p>First, I am applying for several applications that require information and copies of "most recent tax return." My parents have not filed for 2006 yet due to some unresolved questions and not to mention still waiting for one W-2 (I thought the law was to get it by January 31st). My mother is freaking out on me that we should use the 2006 tax return but since we dont have it yet, for us our "most recent one is 2005. Is that ok or would that disquilify me. Next thing, we have a pretty good difference between 2005 and 2006 AGI..nothing major but still. Would that be a problem. Please help me. Also for FAFSA it is the 2006 year right?? Thank you for answering my questions :)</p>
<p>For finaid for the 2007-08 school year, you will fill out the 2007-2008 FAFSA. That FAFSA uses the information from the 2006 tax year. If you don't yet have your taxes completed, you can complete the FAFSA using "will file" as your status, meaning you will be filing. Use the best estimates of income from 2006 that you can. Your assets are reported as of the day of your FAFSA filing. You and your family should have pay stubs or something from the end of December that would help you know what your income and taxes were for the whole 2006 tax year. Use those to figure out your estimates. If the numbers differ from the 2005 year, you are better to do good estimates of the 2006 year than to use the figures from 2005. Submit the FAFSA with the estimates. THEN when you complete your taxes (which you should do as soon as possible), you can amend the FAFSA online to reflect the figures on your 2006 tax returns and change your filing status to "filed".</p>
<p>Thanks a lot..but what I am supposed to do with the scholarship and the "most recent tax return" dilemma?</p>
<p>IF you are attending college in the fall you would do the fafsa for school year 2007-2008.</p>
<p>regarding the most recent tax returns, your parents shoudl push to get thier taxes for 2006 done if you are an entering freshman, asap, as many schools want the completed FA information this month. Many schools will not process your FA without signed copies of their tax statements and W-2 forms.</p>