Isnt there a way to submit correction for FAFSA? instead of calling each college
2 Likes
It’s not a FAFSA correction. Corrections can be done online. In the case of a rollover, it’s necessary for each individual school to review the documents related to the rollover & make corrections. As I learned working in financial aid, sometimes you have to let go of logic & just embrace the rules.
4 Likes
Yes, most of the time you can make corrections…but when you use the data retrieval tool, and have a rollover, as @kelsmom said…it’s at the college level where this correction must be made.
1 Like
Our AGI is around 400k and EFC coming around 215k, Does that sound reasonable? BTW we also used the DRT tool as well.
With an AGI of “around $400k,” the EFC will be well above the COA for any college, so whether the number is $80k or $215k, it doesn’t matter.
11 Likes
As noted, your income alone would likely make your family contribution above the cost of attendance at any college.
Is this reasonable? Well…you didn’t include any assets you have. So adding in assets could very likely make this a very reasonable family contribution.
I guess I have to ask…were you hoping to receive any need based aid?
Merit aid is where you should be hunting…as that doesn’t consider income or assets in most cases.
2 Likes
Yes, that’s a reasonable EFC for that level of income … although I am sure it doesn’t feel that way. The good news, of course, that there is no college that has an annual cost near that amount. And with your income, you will have affordable choices. Most of us want to reduce our college costs, of course, so the suggestion to search for merit is on point.
2 Likes
Best would be to go to each college’s financial aid web site to find the college’s net price calculator. If it leads back to MyIntuition, then use it. If it is something else, use that.
The other thing to note for a student with a single parent, if the other parent is alive, some colleges (not FAFSA) require both parents’ finances. Check the college’s financial aid web site carefully (under applying for financial aid, check if it needs the CSS Noncustodial Parent Profile or a similar form from the non-custodial parent). If so, then you need to include the other parent’s finances in the net price calculator to have any hope of getting a reasonable estimate.
3 Likes
This might explain our EFC over over 464,000. 
Who are you responding to??
The thread in general. I saw the post and read the responses. It explains why our EFC is so high. I will need to email admissions. I had no idea. We had a rollover in 2020 but it doesn’t show as income on our taxes so we didn’t think it would on the FAFSA.
Actually, your rollover was on your taxes…but was not included as income. Yes, you need to contact the college(s) as that is where this is fixed.
4 Likes
Yes. I understand now. It was on our taxes but not as income so I didn’t realize it would count as income on the FAFSA when we used the IRS tool to transfer data.
There is a little box to check on FAFSA that asks if you had a rollover in 2020. It’s really small and many people miss it when choosing DRT. The FA staff will be able to fix it.
3 Likes
I emailed and received a response. They said just to send them the 1099-R and they would fix it. 
Glad I spotted this post and the responses. Thank! @Mwfan1921 and @thumper1
7 Likes
Send a copy…right? Not your original 1099R.
1 Like
Send via email - so yes, a copy- a pdf of it.
2 Likes
I have been going through this situation with my son and ran into another problem. The FA office says that because the 1099G for the rollover is not coded as a rollover they will not adjust it. THE CARES act, section 2202 allows for recontribution to a new or existing retirement account within the subsequent 3 years. So in my case, I ended up depositing the full amount in a new IRA, but the the 1099G does not reflect that.
I submitted evidence of the deposit to the FA office but they are saying “no.” How do I get it fixed?
@BelknapPoint any ideas?
Not off the top of my head. I’m not familiar with a CARES provision that allows up to three years to complete a retirement fund rollover. The normal time limit is 60 days before it’s looked at as a regular (and taxable) distribution instead of a rollover. This is when the money goes through the hands of the account owner. The best way to do a rollover, in my opinion, is a trustee-to-trustee transfer, when one custodian or financial institution sends the funds directly to another custodian or financial institution. That way, there is no question that a rollover has been done, and there is no requirement to withhold taxes.