This is probably a basic question, but are we supposed to estimate what our EOY numbers will be if filing a CSS profile before the end of the year? What if they change - can it be amended online?
Thanks!
Yes estimate your EOY numbers. You’ll need to contact each school to see how they want updates. Some say just write in the changes on a printed copy of your submission, others will just use the DRT when it happens, others want copies of all original documents (W-2, etc).
Garbage in, garbage out.
If you want an accurate estimate with an ED acceptance, then you want to use the most accurate as possible numbers on that early priority Profile for the tax year needed as possible. If your kiddo is starting college in 2016, then the 2015 tax year is what you need to put down.
Having said that…I’ve heard of colleges asking for the previous year on those early Profiles. But if the numbers are different, I would go with the best possible estimate for 2015.
Adding to Erin’s Dad’s reply…some schools use IDOC and all of your supporting documents are sent to IDOC (tax returns and schedules, etc).
Also keep in mind that the school is also going to give you their best guess financial aid package as the package can and will be amended once the school gets the actual numbers
And no, the Profile cannot be amended online.
Thank you. Our income varies from year to year so we would like to you the most recent year possible - it just makes things tough to estimate.
I met with my accountant in mid-october and we estimated numbers. My income (real estate) goes up and down as well, but by mid-october I was able to guess. We were pretty close.