So my parents sold our house back in California (we live overseas; my dad works for the US government in Korea), so our 2015 tax return has an irregularly large adjusted gross income value (around 30k more than previous years). I’m planning to apply to Yale SCEA, and they recommend I submit my financial aid application by Nov 1, with my application. Could I submit my financial aid application by the end of January and use the 2016 tax return?
No, you have to use the 2015 return. There is a section in the Profile where you can write notes - state it there, but also email Yale’s financial aid office to explain. They will let you know if they need additional information.
For clarity, for Yale, you’ll need both FAFSA and PROFILE. PROFILE has a section where you can explain, FAFSA does not. In both cases you’ll want to contact the FA office to clarify you file but submit both prior to 11/1.