FAFSA Help, please! Very lost here

[BMW M3]

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With schools starting to process award packages, I'm trying to get a leg up on my side. So, I'm starting to do my FAFSA forms online, but I'm stuck as to what financial records to report.

for 2005 (last april) you report your 2004 earnings
for 2006 (2 months from now) you will report your 2005 earnings.

Do you:

A) report your 2004 earnings and send the school a copy of your 2005 tax returns?

or

B) report your 2005 earnings (that you are still trying to figure out because taxes aren't due for another 2 montsh) and send the school a copy of your 2005 tax returns?

Thanks a lot guys

 

[Sondra]

B) report your 2005 earnings (that you are still trying to figure out because taxes aren't due for another 2 montsh) and send the school a copy of your 2005 tax returns?

If you are filling out the FAFSA for the class entering in August 2006 (aka the FAFSA for the 2006-2007 school year). You need to use your tax information for 2005. The tax forms aren't due until April, but you are supposed to file your taxes as early as possible and then fill out the FAFSA.

 

[ShyRem]

While tax forms aren't due until April 15, all tax infomation from employers, mortgage companies, banks, etc. is mandated to be sent to you no later than Jan 31. So you should have all your 2005 information. I got a home tax prep software pkg for $10 and did my own taxes. It was E A S Y, paid the $15 for e-file, and I'll have my refund direct deposited by Friday.

 

[tigress]

Yeah, I finally got to file last night! It would have been earlier, but we were missing some stuff that got sent to my husband's parents' house. Anyway, I recommend TurboTax. They have a free version and like a $15 version, and it makes it super simple to file. And like ShyRem said, with e-file you get your refund direct deposited realy quickly.

Good luck OP 🙂

 

[TracksuitsRock]

Also FYI, if you go to irs.gov and click on "free file" there are a bunch of links that they endorse where you can file absolutely free (on both the side of the program and the side of the government). A lot of them depend on age, or income, etc. but I imagine many pre-meds would be eligible for this. I am non-traditional and still definitely eligible for many of them.

 

[silas2642]

I just filed my 2005 taxes (which is really really easy because I make next to nothing), but my parents information was tricky because they haven't filed taxes yet and so I based my numbers on their 2004 taxes. Anyone else do this? Is it okay to do this? I can't wait until their 2005 taxes are filed because they send their stuff to an accountant and it takes time, blah, blah, blah.

 

[snuggy]

From what I understand, you can go ahead and do your FAFSA with what information you have available. However, once you have the accurate information for 2005, you need to update your FAFSA asap.

 

[tigress]

Yeah, if you can estimate parental info that works for now. You just update it when you get the real info. I think if you can't get parental info before the end of February it's probably best to go ahead and estimate. If you can get it in the next few weeks, though, you may as well wait (save you a lot of work, and probably won't make a difference for aid).

 

[Bernito]

Didn't want to start a new thread...

So I finally got my parents tax info and put it into my FAFSA, which is all I thought was necessary. But then I got to an optional parents' assets section. Does anyone know if I need to fill this out also, does it depend on the school, have any info? Thanks.

 

[phenylalanine]

Didn't want to start a new thread...

So I finally got my parents tax info and put it into my FAFSA, which is all I thought was necessary. But then I got to an optional parents' assets section. Does anyone know if I need to fill this out also, does it depend on the school, have any info? Thanks.

you have to fill this out I think

 

[phenylalanine]

ok... so... I filled out my parents' investment section wrong (and kids, let me tell you, DO NOT include the house they are living in as part of their real estate investment... ugh.. stupid me) and I only caught it after I submitted the application.. what should I do?? is this like crucial???

 

[Bernito]

ok... so... I filled out my parents' investment section wrong (and kids, let me tell you, DO NOT include the house they are living in as part of their real estate investment... ugh.. stupid me) and I only caught it after I submitted the application.. what should I do?? is this like crucial???

I don't know about crucial but I think anything that is going to inflate your parental contribution will affect your financial package.

People make mistakes all the time so there has to be a method to change it, but I suspect its going to be painful and require lots of effort on your part.

Thanks for the heads up on filling out the assets though. 👍

 

[C.P. Jones]

when FAFSA and taxes are complete, should I sent tax copies to the schools I have not yet been accepted to, or do I wait for them to ask

 

[psipsina]

While tax forms aren't due until April 15, all tax infomation from employers, mortgage companies, banks, etc. is mandated to be sent to you no later than Jan 31. So you should have all your 2005 information. I got a home tax prep software pkg for $10 and did my own taxes. It was E A S Y, paid the $15 for e-file, and I'll have my refund direct deposited by Friday.

I don't have my W2 from Tulane in New Orleans. I called HR at the beginning of Feb to make sure they hadn't lost my new addy yet again (would be the third time it happened so no surprise) and the lady with a very haughty attitude stated that they hadn't mailed them yet. So is this illegal??? I don't want to be rude to them, as I know how much they have gone thru, but I also don't want to risk my aid for med school. Other than that I'm totally ready to go with my taxes so I can fill my FASFA, so this is very frustrating.

Also, I know I'm considered independent for federal purposes, but I know that the definitions can be quite different for institutional aid. My father is dead and my mom suffers from various psychoses and usually doesn't file her taxes or if she does can't be depended on to share that info with me. As an undergrad my school definined me as independent, but I'm worried that this will be more difficult to work out in med school. Anyone know anything about this?? Thanks

 

[ShyRem]

Last I knew W2s were mandated to be mailed by jan 31. Perhaps Tulane got an extension due to Katrina, I don't know. I believe that if you don't have it, you can file with an approximation of income. Check the IRS web site.

Straight from irs.gov:

Topic 154 - Forms W-2 and Form 1099–R (What to Do if Not Received)

In general, employers/payers must provide employees with Form W-2 (PDF), Wage and Tax Statement; Form 1099-R (PDF), Distributions From Pensions, Annuities, Retirements or Profit-Sharing Plans, IRA's, Insurance Contracts; Form 1099-INT (PDF), Interest Income, or Form 1099-MISC (PDF), Miscellaneous Income, by January 31 of the current year. Employers/payers have the option of making the information available on a website. However, if you leave your employer before the end of the calendar year, and request your Form W-2 (PDF) or Form 1099-R (PDF) at that time, your employer must provide your form within 30 days of your request. If you do not receive Form W–2 or Form 1099–R, you still must file your return on time.

Therefore, after January 31 of the current year, if you have not received Form W–2 or Form 1099–R, or received an incorrect form or information, contact your employer/payer. You may not have received your form because of an incorrect or incomplete address. Be sure to verify the address used if already mailed. If the form was returned to your employer/payer because of an incorrect address, or never mailed, and the employer/payer intends to issue or re-mail, allow a reasonable amount of time for this action to occur before calling the IRS for help.

If you have not received your Form(s) W-2 by early February the IRS will help you obtain the missing forms. Call 1–800–829–1040. Be prepared to provide your name, address (including zip code), phone number, Social Security Number, and dates of employment and the name, address (including zip code), and phone number of the employer/payer.

The IRS will send the employer/payer a Form 4598, Form W-2, 1098 or 1099 Not Received, Incorrect, or Lost. You will receive a copy, along with Form 4852 (PDF), Substitute for Form W–2 or Form 1099–R, and a Form 1040X (PDF), Amended U.S. Individual Income Tax Return. If you do not receive the Form W-2 or Form 1099–R in sufficient time to file timely, you may file using Form 4852.

If you later receive a Form W-2 or Form 1099–R, after your return is filed using substitute information, and the information differs from the information reported on your return, you must file an amended return. For more information on amending your return, refer to Topic 308.

Call again and ask to speak to the nasty lady's supervisor. You can get as nasty with Ms. Haughty as she is with you - W2s are generally required to be out by 1/31.

 

[C.P. Jones]

when FAFSA and taxes are complete, should I sent tax copies to the schools I have not yet been accepted to, or do I wait for them to ask

bump, can someone answer this? thanks

 

[Bernito]

bump, can someone answer this? thanks

For schools you are waitlisted, yes.

 

[tigress]

Wait for schools to ask. Not all schools even require copies; some do spot checks rather than checking everybody. And they don't want the copies until you say you are attending, UNLESS otherwise specified in their financial aid info that they sent you.

Quick question -- on the FAFSA, it won't let me enter "0" for number of household who will be college students. So do they mean students of any kind, not just college? Because college implies undergrad...

edit: Answering my own question here -- I called them, and they're actually really nice (and answer the phone until 12!). It seems obvious, but yes, "college students" refers to all levels, undergrad through grad. I was just a bit confused by the wording. 😳

 

[C.P. Jones]

Wait for schools to ask. Not all schools even require copies; some do spot checks rather than checking everybody. And they don't want the copies until you say you are attending, UNLESS otherwise specified in their financial aid info that they sent you.

Quick question -- on the FAFSA, it won't let me enter "0" for number of household who will be college students. So do they mean students of any kind, not just college? Because college implies undergrad...

edit: Answering my own question here -- I called them, and they're actually really nice (and answer the phone until 12!). It seems obvious, but yes, "college students" refers to all levels, undergrad through grad. I was just a bit confused by the wording. 😳

thanks for the answer

i also had to think about this question for a while, but then i thought to myself....a lot of med schools call themselves "medical colleges"....therefore, they must all be colleges!

i also have another question...i put 4 schools on my fafsa (the 2 i have been waitlisted at and 2 on hold), but i forgot to add NYMC, which has said nothing to me......since I sent my fafsa on saturday, do i have to sent a correction to add NYMed, meaning it will have to be recertified and all? or can i just add them.....if so, how do i just add them since i assume i have to go to the corrections page, which to me seems as if they will have to recertify it!!!!!! AHHHHHH.....i'm considering not even bothering with adding them!

 

[C.P. Jones]

nevermind,

i just found that it was already processed, so i just did the correction and added the school, and it will be processed again