RandomD

I answered some of the CSS questions based on the 2010 tax form until I got the 2011 one and forgot to change it.

Should it matter if my values for the CSS Profile are off by say $200 even though I am capable of providing the exact amount?

thumper1

Are you talking about a Profile for the current school year, or the upcoming one?

RandomD

I am a high school senior completing the form for next year when I would be a college freshman.

thumper1

Then you will need to provide the information from your 2012 taxes when they are completed...not 2011.

Most schools REQUIRE you to provide them with accurate figures to update your Profile. You need to call each Profile school to find out how THEY handle this. They will tell you.

But in any event...it is the 2012 tax/income information that needs to be placed on your Profile (and FAFSA) forms...not 2011.

If you are estimating 2012 to meet a priority deadline, you want to estimate as closely as possible. It is probably better to use paycheck...year to date information...rather than old taxes.

musicmerit

Actually the CSS we filled out last month for EA asked for 2011, estimated 2012, and estimated 2013.

RandomD

Ah, I see. Now that I read again, I realize it says to estimate 2012 values with 2011 values. This is because 2012 tax forms haven't been done yet.

Would if fine if my estimates are different? Let's say I wrote 20000 for one of them, but 20200 for another one (sometimes the questions are essentially repeats).

Edit: Sorry, actually some of them do ask for specifically 2011 values, but I have used 2010 values, which are slightly different.

If the difference is small enough, is it fine?

thumper1

Eventually all of you are going to have to provide 2012 tax return figures. THAT is what your need based aid will be based on for the 2013-2014 school year. Some of your schools will ask you to send your 2012 tax returns, some of your schools will use the IDOC service. Some of your schools will compare with the FAFSA and will use the IRS retrieval tool to compare to your 2012 taxes.

But at the end of the day...it is your 2012 actual tax return figures that will be used to finalize your need based aid for 2013-2014.

Anything you are putting on the profile now should be your BEST estimate of actual 2012 info.

The financial aid award you receive based on these estimates will also be an ESTIMATE. The schools will finalize your actual award when they receive your actual 2012 numbers. And YES...if you estimate low, and your actual income is higher, your aid might decrease.

RandomD

Thanks thumper1!

I'm assuming that if I estimated HIGH and the actual income is lower, then it would not work against me, right?

bschooltotech

Estimating high would be a bad idea. At most schools you are not going to get more aid than your original award estimate because of small changes in your income but you will get less. Try to be accurate but err on the low side.