<p>Quick question...</p>
<p>I completed and submitted my daughter's FAFSA this morning. Our taxes are essentially done with the exception of proofreading and completing the electronic filing. I don't expect any of the values to change.</p>
<p>Do I still go back into the FAFSA once I've actually filed the taxes and change "Will File" to "Did File" if that's the only thing that's changing?</p>
<p>Yes, I think you do. I think eventually the status has to reflect that you actually completed and filed your taxes. If this is not right, hopefully someone will post a more authoritative answer.</p>
<p>I don’t think I have ever done that. “will file” just means you haven’t sent in the return but your taxes are completed.</p>
<p>Will file just means you know you have to file but haven’t done it yet. It doesn’t mean your taxes are completed. Many people submit an estimated FAFSA with “will file” status in order to meet college submission deadlines long before they’ve done their taxes. Heck, we have to do it before we have even received our w2s and 1099s.</p>
<p>However, if you have left your FAFSA status as “will file” in previous years and never had a problem, that’s interesting to know. Maybe Kelsmom or Nikkil will come by and give us a professional response to the question.</p>
<p>Some schools will award (and even disburse) aid when the status is “will file”, but others won’t. However, if your school awardes any aid 1st come, 1st served, they probably go by the 1st submission date, even if you update the info later.</p>
<p>'rentof2 - I have had quite a few years when I had to pay the IRS, including last year. I always file and pay on April 15th long after awards are made. Never had a problem and I have been filing since 2001 with 4 different kids.</p>
<p>Okay - I went back and checked old emails.<br>
The only year I had to go back and update was in 2007 when I filed using estimated numbers. There is or used to be a question asking if your numbers were estimated or based on your actual return. I <em>think</em> you can only do this for rising freshmen.</p>
<p>If you aren’t using estimated numbers then you need to have completed your tax return in order to file the FAFSA; since you need to input numbers directly from your 1040.</p>
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<p>Check with your schools. Some colleges will ONLY give you an estimated award UNTIL your FAFSA reflects that you have filed.</p>
<p>msmayor: Submitting corrections to FAFSA is quick and easy, believe it or not. It certainly won’t hurt anything to make the update, and then you’ll have all your bases covered.</p>
<p>Thanks all…there really will only be 24-48 hours lag time between the “Will File” and “Filed”…I waited only to make sure my husband could review the taxes before I submitted them, but didn’t want to hold up FAFSA since I was pretty confident of the numbers.</p>
<p>It shouldn’t matter for her aid only because she already receives a renewable merit scholarship and doesn’t qualify for grant money. Its more for her Stafford Loans than anything else.</p>
<p>Thanks everyone!</p>
<p>I know that this is not exactly what the words “will” file and “did” file mean…but my practical assumption is that, if the tax return is complete and the numbers needed for FAFSA are not going to change, and it’s just the logistics of actually mailing (or uploading) the form, then I would use “did file”. That way the FAFSA is complete and done.</p>
<p>My taxes are done by an accountant and I really have no idea exactly when he efiles after we sign electronically (I’m betting that he doesn’t run right back to his desk and push send). And in the past, when we mailed the signed forms, did “did file” mean: when we postmarked the return, or when it was received by the IRS, or when it was processed? In my mind, these terms on the FAFSA just indicate whether the FAFSA is final, or whether one will still be able to correct it. YMMV.</p>
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You can file the return anytime before the due date and the tax is still not due until April 15.</p>
<p>^
You are correct of course; but I have always paid the tax when I filed; i.e. efiled at night and paid the tax the next day. I guess I was always nervous that if I didn’t do it together I would forget!</p>
<p>I also have this mental thing where I do my taxes and sit on them for a while. I don’t know why, it just makes me nervous and I think that by sitting for a week or two, I might realized I forgot something? So my routine is to do my taxes, do my kids’ taxes and file fafsa. Then file the returns with the IRS later.</p>
<p>Justamomof4…you were lucky. Some schools will not finalize a financial aid award UNTIL the “already filed” box has been checked and received. Others (apparently) do make final awards. I know that my two kids’ schools required us to update to reflect that we had filed our taxes…no “will file” for a financial aid award finalized at their schools.</p>
<p>On my daughters fafsa we submitted with will file, then went back to edit and changed to the correct amount. (only like a 20$ difference) We have received a letter from 2 of the colleges she has applied to requesting tax copies ect. saying we had been selected for verification. I called the school to find out what was going on and long story short-fafsa selects a certain percentage for verification most of the ones selected either have a 0 efc or used will file…</p>
<p>One of the colleges we had already received an acceptance letter-the other said must have the verification complete first.</p>
<p>I guess I was “lucky” at 4 different colleges over 10 years. That would make filing fafsa a total of 13 times.
I have been selected for verification one time.<br>
I have never won the lottery (lol).</p>
<p>Didn’t want to upset the “fafsa gods”. I just went in and changed it.</p>