Need help applying for FAFSA

[mj53]

It's asking how much I was taxed in 2011 and since I don't do my taxes for another couple months am I supposed to estimate this as best I can?

Or should I be waiting to complete my FAFSA for a bit? Everything I read about filing for FAFSA was to do it in January when it opens but I can't possibly answer some of the financial questions with 100% certainty.

[collegemom82]

I was told to estimate - then once you have filed your taxes you can go back in and put in the "real" numbers. I estimated when I filed my FAFSA today.

If you use the IRS data retrieval tool, it will imput all your tax info automatically.

Dee

[mj53]

But once I submit it I thought I couldn't go back and change anything. It asks for my signature to verify I'm not giving any false information. Since I'm basically estimating (and probably pretty poorly at that), isn't that submitting false information?

[robot_hamster]

Were things pretty much the same in 2010. Could you estimate it based on what you reported to the IRS then?

[bythesea]

Don't worry - once you submit, you have to wait a couple of days for your FAFSA to be registered, and then you can update it. You'll get an email when it's open for updating.

[collegemom82]

No it is not submitting false information - I believe somewhere on their website they even say to estimate if you have not filed your taxes yet. Just try to estimate as closely as possible either off of figured you have calculated for the year, or from 2010 taxes.

[collegemom82]

that should be off of figures**

[Isidore]

I filed my FAFSA with estimates, and my taxes will be filed this month. Will this postpone any decisions when it comes to my aid? i.e., will they wait to determine funding until I have updated my 2011 tax information?

[collegemom82]

No, it should not. When you get the actual figures go in and update your FAFSA. Good luck!

[redArcher]

It's asking how much I was taxed in 2011 and since I don't do my taxes for another couple months am I supposed to estimate this as best I can?

Or should I be waiting to complete my FAFSA for a bit? Everything I read about filing for FAFSA was to do it in January when it opens but I can't possibly answer some of the financial questions with 100% certainty.

You can put in your tax info from 2010. Then, once you complete filing your taxes from 2011, you edit and submit again in the form of a correction form (I think it's called). I have submitted corrections before and I did not have any issues. Also, I'm not sure if you could even complete the FAFSA in January because I believe everyone gets there W2s by 31 Jan. The deadlines for financial aid forms vary by school, so I would aim to get it in a month to a month and a half before your school's deadline and before they run out of money.

Hope this helps! :-)