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FAFSA (tax returns)

spatel23spatel23 Posts: 795Registered User Member
edited February 2011 in Financial Aid & Scholarships
so i convinced my dad to apply for the Fafsa.. however i am confused over one thing since my dad does his tax returns in April/May... i know i can put "will send tax return later" but how does that work?

do i put in my dad's 2009 Tax Returns and then update it when my dad does his 2010 tax returns? (but doesnt the FAFSA close on March 2, or is it still open for changes?)

it may sound confusing but the bottom line is which tax returns do i put if my dad is going to be doing 2010 tax returns in april/may ?
also can we update the tax returns information after the March deadline?
and finally, how do we "send" tax returns to FAFSA (is that simply just turning in the tax returns to the government? or do we send a special package?)
Post edited by spatel23 on

Replies to: FAFSA (tax returns)

  • kelsmomkelsmom Posts: 12,620Super Moderator Senior Member
    You can use 2009 tax returns as an estimate ("will file"). Once the real returns are filed, go back to the FAFSA and update it to "already filed" - make sure both you & your parent sign the changes with your PINs.

    The FAFSA can be updated throughout the 2011-12 school year.

    You don't send tax returns. Some schools may request your tax returns in order to verify your information. However, do not send anything unless it has been requested. If a school requests the tax return, it goes to the SCHOOL.

    All FAFSA does is compute your eligibility for federal aid. Everything else is done by the school.
  • bchan1bchan1 Posts: 793Registered User Member
    Check the specific deadlines at your school. At my daughter's school the FAFSA has to be complete (according to their website) with the real numbers and any verification documents supplied to the school by March 1. I think if we had a situation where we couldn't file until April or May we would need to explain that and get some sort of approval to stay in the running for the best aid.

    Just because your dad usually files late doesn't mean he should continue to do so if there's an alternative.
  • Virginia100Virginia100 Posts: 41Registered User Junior Member
    In FAFSA application, there is a button that says 'LINK TO IRS' to pull the tax return from IRS itself. In the same page it says even "if the tax is filed electronically it takes 2-3 weeks before it can be pulled from IRS by FAFSA. You can send the copies of the tax return directly to FAFSA".

    What it doesn't say is how the copies can be sent?

    Anyone has any idea?.
  • kelsmomkelsmom Posts: 12,620Super Moderator Senior Member
    In the same page it says even "if the tax is filed electronically it takes 2-3 weeks before it can be pulled from IRS by FAFSA. You can send the copies of the tax return directly to FAFSA".
    ****
    Does it really say that?! Are you sure???? I work in financial aid & am not aware of that.

    If you file electronically, you should be able to link 1-2 weeks after filing is accepted by the IRS (per our most recent info from ED). If you send your return to the IRS by mail, it can take 4-6 weeks before you will be able to use the direct IRS link. My advice is if you are filing by mail to update the FAFSA yourself ... just be sure to pay attention to the tax return line information on the FAFSA & only enter the numbers on those lines (no putting SE tax in for taxes paid, folks, even if you disagree with the fact that you don't get to include SE tax in taxes paid!).
  • Virginia100Virginia100 Posts: 41Registered User Junior Member
    Thanks kelsmom. Since i already submitted FAFSA app don't remember exactly whether it was 1-2 or 2-3 weeks. Now, i filed my tax electronically 2 days ago. But it will not be available to be linked another 1-2 weeks. But colleges' deadline is Feb 15th. What should i do?
  • kelsmomkelsmom Posts: 12,620Super Moderator Senior Member
    If you are worried that your college wants the actual numbers by February 15 (the college where I work will accept estimates for the priority deadline), just go to fafsa.gov & update the appropriate fields with the actual numbers from your return. You will have to confirm the type of return filed & the number of exemptions, and you will need to update the income from work, AGI, and taxes paid.
  • Virginia100Virginia100 Posts: 41Registered User Junior Member
    Thanks. I did that.
  • spatel23spatel23 Posts: 795Registered User Member
    since this has been posted on lately i will post what i did.

    so i listened to you guys. i convinced my dad to just do the fafsa...
    And since my GPA was like 4.3 weighted, i figured that the FAFSA will help me on my Cal Grant.
    Little did i know what the future held for me. LOL!

    so yeah as you should be able to tell, i got nothing. clean slate. No loans no grants, nothing.
    but oh well.. some people aren't destined to get money from the federal government...
  • kelsmomkelsmom Posts: 12,620Super Moderator Senior Member
    Every freshman is eligible for $5500 in unsubsidized Stafford loans. You are included.
  • mom2collegekidsmom2collegekids Posts: 64,078Registered User Senior Member
    i convinced my dad to just do the fafsa...
    And since my GPA was like 4.3 weighted, i figured that the FAFSA will help me on my Cal Grant.
    Little did i know what the future held for me. LOL!





    ???

    where did you get the idea that GPA has to do with FAFSA EFC or qualifying for need-based aid. they ask about family finances because THAT is how they determine who qualifies.

    You are completely confusing need-based aid with merit scholarships (which also will look at test scores).
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