<p>So how do you file FAFSA on Jan 1st? Your W-2s and other income and dividends statements are not in till Feb/March.</p>
<p>You can file estimated FAFSA based previous years income but that won’t be accurate. How accurate this is got to be? Can you go ahead and file to the best of your ability on Jan 1st and then do the actual FAFSA later on when you have all the factual information?</p>
<p>You can file with “best guess” number based on your end of year pay stub. Then update when you get your actual taxes filed.</p>
<p>The last pay stub for 2013 will have the same info as your W-2 in a YTD section. You may have to work a little to understand it though because it’s not in the neat little boxes of a W-2. You should also have year end or December bank/investment statements to use or look up account balances online. You should be able to get asset balances accurately.</p>
<p>Estimate income as close as you can. If there is self-employment, a business, rental properties etc. then it is more difficult.</p>
<p>You don’t have to do the Fafsa on 1/1- that is just the earliest date it is available, for the coming school year.</p>
<p>I usually get all the needed info by 1/31 or so, then my accountant friend tends to sit on it, as a low priority, and I usually get the tax info back and complete the Fafsa and CSS by the college’s deadline.</p>
<p>If this is for ED or rolling or anything where you must submit as early as possible, you give it your best shot, as above. You want to get as close as possible for schools that may give you an early read on aid- so you are not blindsided later, if there is a major change, once they see your final forms.</p>
<p>if you have to edit (eg, one year I misread one kid’s earnings,) the actual process is very simple.</p>