Will new tax laws hold up FAFSA submission?

Paying for College
1

<p>My parents were talking to their accountant and he said there is a lot of new tax laws affecting 2014 tax returns and some are not even finalized yet. I want to apply as early as possible. Has anyone heard of new laws that will impact returns. Another question, if I want to have it hooked up to IRS retrieval how soon from when I file, to when it is available to send. I want to send it as soon as possible.</p>

2

<p>It is highly unlikely that you will be able to file your tax returns until late January as your family needs all of their w2 forms and the like. In our experience, usually any changes to the tax code are done by that time. </p>

3

<p>You can still file the FAFSA, even if your taxes aren’t ready. You can estimate, or you can use 2013 info.</p>

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<p>My parents changed jobs this year and retirements/insurances are all different from 2013 so they said it won’t be the same as 2013 so I am nervous to estimate because I don’t want to either over estimate or under estimate too much that it will effect my financial aid.</p>

5

<p>Yoir parents should get a paycheck or stub in December which will also have their year to date info on it. They can use the 2013 taxes as a guide, but adjust the numbers to reflect their actual earnings from 2014.</p>

<p>You can file with estimates on January 1, and amend when your taxes are completed ASAP.</p>

6

<p>New tax laws?
I guess I haven’t been paying attention.</p>

7

<p>@collegenj As others have already mentioned, you should apply as soon as possible using estimates. That will put you in line for financial aid. Then after your parents file their tax return electronically, wait 6 weeks, then return to FAFSA and update using IRS data retrieval. If you are filing by paper, you’ll have to wait 2-3 months. I’ve included links that you might find useful…</p>

<p>On filing FAFSA:
<a href=“Financial aid tips and advice from the experts | Fastweb”>Financial aid tips and advice from the experts | Fastweb;

<p><a href=“What You Need to Know About Filing the FAFSA | HuffPost College”>HuffPost - Breaking News, U.S. and World News | HuffPost;

<p>On 2014 Tax Law Changes (please consult your accountant for accuracy and the latest changes):
<a href=“2015 Tax Law Changes You Need to Know About | HuffPost Life”>HuffPost - Breaking News, U.S. and World News | HuffPost;

<p><a href=“http://www.foxbusiness.com/personal-finance/2014/03/26/key-tax-changes-for-2014-and-beyond/”>http://www.foxbusiness.com/personal-finance/2014/03/26/key-tax-changes-for-2014-and-beyond/&lt;/a&gt;&lt;/p&gt;

<p><a href=“http://www.taxact.com/reference/library_index.asp”>http://www.taxact.com/reference/library_index.asp&lt;/a&gt;&lt;/p&gt;

<p>Hope this helps. Best of luck! : )</p>

8

<p>We applied using estimates from tax year 2013. When we filed 2014 we updated ASAP. All worked out.</p>

<p>Btw, one of the schools that my son accepted to gave us $1000 just for filing out Fafsa early. It was a nice surprise, a nice gesture and unexpected. We are full pay.</p>

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<p>PERplexd ^^^ That is really interesting! Was the $1,000 institutional funding?</p>

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<p>Yes. I believe so. It was Drexel University.</p>

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<p>There are tax changes every year. You estimate and get the FAFSA in ASAP to get the best fin aid.</p>

12

<p>Stetson also gives $1000/yr for filing the FAFSA before 2/15.</p>

13

<p>Thank you so much for all your advice and links, they were very helpful.</p>