Don’t miss financial aid deadlines because you haven’t filed your taxes yet! Most schools have January and February deadlines for first-year students. Because they don’t expect parents to have their taxes done that soon, income estimates are perfectly fine! Use last year’s taxes and end-of-year pay stubs to make an educated guesstimate. Assets should reflect last known values. Usually this will be your most recent statement. Unlike income figures, asset values should NOT be changed on the FAFSA without a really,
really, good reason.
Business owners may use estimates based on 2010.
In the meantime, make every effort to get your taxes done by March 1st. I know this can be a difficult task, but some colleges and universities will ask you to send them a copy of your tax return and your student won’t get a dime until they receive them. If you will owe money to the IRS, send in your return anyway. The rule is that you send a signed and completed return, even if it hasn’t been filed quite yet.
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