CSS Profile

natim1 · 10-04-2009, 08:10 PM

When filling out the CSS profile for the 2010-2011 school year, it asks for 2009 income as if it were present (asks for specific lines of W2 form), but my mom hasn't filed her 2009 taxes yet; I only have the 2008 1040a. Should I just estimate for 2009?

applicannot · 10-04-2009, 08:54 PM

From the CSS/PROFILE instructions:

Quote:

If a tax return has not been completed yet: If you haven't completed a 2009 federal income tax return but will be filing one, it is recommended that one be completed before the PROFILE Application is filled out. However, if the student's colleges or programs have an early priority filing date and completing the tax return is not possible, estimate to the best of your ability 2009 income and benefits using income and tax records from 2008 and salary and other financial records from 2009. See the Help Desk for information on estimating, including tips, U.S. federal income draft tax forms, and a U.S. federal income tax line reference table for 2008 and 2009. If you need to correct PROFILE information after filing the tax return, do so directly with your colleges and scholarship programs.

thumper1 · 10-04-2009, 09:02 PM

You want to make those estimates as close to what they will really be on your tax returns as possible. The financial aid awards you receive based on estimates are also ESTIMATES. Your financial aid will not be finalized until you provide figures from your completed tax returns AND there can be adjustments to the aid.

My DD applied EA to some schools and we submitted estimated Profile. Our income was $3000 more than what we put on the estimate. The rest of our figures were very close. At one school, her aid was reduced by $6000...yes...that is a lot of money. At the rest of her schools her aid didn't get reduced at all...go figure. At the school she is attending, they actually added some things to her finaid package when she visited them (work study and a Perkins Loan).

So...estimate well...using the most current pay stubs.

applicannot · 10-05-2009, 09:09 AM

I think our income will actually be lower than our estimates, and that my income will be a little higher. I don't know how much my holiday bonus is and I don't know if I'll get holiday pay for the last few events of the year, so my income could fluctuate. But since it's at most about $300, I'm not worried. We projected my mom's income using the simple means of multiplying her last paycheck by the rest of the paychecks in the year. It might be about $1000 too high because for some reason that we could not determine, her income was higher this year than last year. She had 28 unpaid days of leave and a 2.5% pay cut this year. Yeah. We're still trying to figure that one out. Really there's nothing I can do until I get tax forms back - which is going to be problematic because mom doesn't get her W-2s until January 31st and she insists she can't get them any earlier - and I have two EA schools.

'rentof2 · 10-05-2009, 12:54 PM

That won't be a problem, applicannot. Just file your estimated FAFSA in early January. You can amend it after you get your mom's tax info. This is something your EA school will know how to deal with. If you have any concerns about it, communicate with their FA office. Many people don't get their W-2s until late January -- a few of my husband's come even later than that.