<p>Ok, so my DD will be a senior in high school this fall.
If she applies Early Action to a college in Nov, and we want to get FA, will we have to fill out aid forms in Nov also?
And if we do, do we use 2013 tax forms?
I would rather not use our 2013 info if possible because we got unexpected income last year; so it is not typical.</p>
<p>Help?</p>
<p>And to the schools that she applies regular decision, we can use 2014 tax/wage info even if we have not yet filed, correct?</p>
<p>For the school year of 2015-16, your 2014 taxes will be used. You file an estimate when she does her EA application. they will give you estimated aid. Then you will file an amendment as early as possible next year when you have your final numbers. If you use your 2013 for you estimate, you will not have an accurate estimate of aid because only your final 2014 info will be ultimately used. Likewise, use 2014 numbers for RD.</p>
<p>It doesn’t make one bit of difference as to whether or not she applies early, as to what FAFSA form she uses, and you cannot fill out FAFSA until Jan 1, 2014 because it won’t even be available. The info on that form will be based on your 2014 income and will be verified against your 2014 1040 or other tax return.</p>
<p>Most of the time, for Early Action you do not have to fill out any fin aid early, because you have until May 1 to make your decision, and the fin aid packages often are released with the Regular Decision kids. </p>
<p>If you are talking Early DECISION, which is binding within a short time period after acceptance, the way it usually works is that those school usually request that you fill out a CSS PROFILE form or their own form using 2013 data, and adjusting it with things you know will be changing or have changed. If accepted, you get an ESTIMATED financial aid package. You still have to fill out the 2014 FAFSA when it becomes available and you often have to verify that info with your 2014 returns. You don’t actually get the money, especially with federal funds involved, until those amounts are verified via IRS returns. </p>
<p>Note, that I say “USUALLY” a lot. Each school has its own rules though the above is USUAL. It is important to follow each school’s instructions v-e-r-y carefully and watch those deadlines because at some schools, you miss a deadline, and you don’t get certain monies as they deplete those funds at that cut off date. The accuracy of your estimates will determine the accuracy of your awards, and most all school do check the actual numbers you use on the actual 2014 return. THis is not the year to take an extention on filing because you might not get your money if you do. </p>
<p>Some schools will ask for the 2013 tax returns as well, but they most all have to adjust with actual 2014 numbers due to the federal money involved. The feds have stringent rules for release of those funds, and the schools do have to abide by them. </p>
<p>You will likely have to go in and correct forms that are done on an estimated basis. But don’t hold up things just because you are awaiting something unless you know it’s going to meet the deadline and not a long wait. Do not miss deadline. Better to file a return with an estimate and refile a 1040X then miss a deadline because the likelihood of losing out money by being late is very high. A package can very easily be adjusted to less, more can be a problem. </p>
<p>@BrownParent & @cptofthehouse Thank you! That’s exactly the info I need. Very helpful.</p>
<p>If you are doing EA or ED you may be better off putting all your estimated 2014 numbers into TurboTax 2013 or similar in October 2014 to generate a mock-up 2014 tax return that you will use to fill out the 2015-2016 CSS Profile that will be available on October 1st, 2014. Some schools may still ask you for a copy of 2013 tax return, some may ask you for copies of your most current 2014 paystubs. CSS Profile will ask you about your financial info for 2013,2014 and even for 2015. This EA/ED CSS Profile you will never have to resubmit to this school again. When/if you have to submit it to RD schools that usually have Feb/March 2015 finaid deadlines you will have a chance to edit it with the most current info. These schools will never see your 2013 tax return.</p>