Parents filing 2006 extension--how do I fill out FAFSA?

[Shpamme]

If my parents haven't filed their 2006 tax return yet (they plan to file an extension), then how do I fill out the FAFSA? The FAFSA worksheet specifically asks what their gross income e.t.c. is from their 2006 return.

Do I fill it out with a 2005 tax return?
Or do I use their estimated 2006 values? (This could be a problem too as they won't have a final value of estimated gross income/tax liability until early April).

The same goes for me.. I likely won't have my 2006 return finalized until early April.

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[Lesley]

If my parents haven't filed their 2006 tax return yet (they plan to file an extension), then how do I fill out the FAFSA? The FAFSA worksheet specifically asks what their gross income e.t.c. is from their 2006 return.

Do I fill it out with a 2005 tax return?
Or do I use their estimated 2006 values? (This could be a problem too as they won't have a final value of estimated gross income/tax liability until early April).

The same goes for me.. I likely won't have my 2006 return finalized until early April.

Yes, It is most probable easier to fill out the FAFSA, now, using the 2005 tax returns for both you and your parents. When the 2006 returns are ready, you can file a correction. If there is a considerable difference in income from last year, you can estimate 2006 income instead. Either way you will have to file a correction. Do whatever you are more comfortable with, just do it! Good Luck.

 

[Doctor Bagel]

When you fill out both your info and parental info for the FAFSA, you can check either not filing taxes, taxes already completed, or will file. I'd check "will file" and use estimates for all the figures. Some schools get p&ssy about this, but it's still doing the best you can for now. Lesley's right -- once the filing is done, you can go back in and correct everything.

 

[Shpamme]

Thanks guys. I really appreciate it. I was so confused.

edit: hey guys, soemone posted the same question in pre-allo. http://forums.studentdoctor.net/showthread.php?p=4855907#post4855907
Babel's response was really excellent--he said:

Hey all,

If you look at "Section 2 - Student Dependency Status" of the FAFSA worksheet (I have yet to fill it out), it says very clearly that if you reply yes to any of those questions, you do NOT have to provide parental information. And not just that it's optional - they instruct you to actually skip the parental information section and move on. And we ALL will reply "yes" to "in 2007-2008, will you be working on a master's or docorate program?".

So, your parental information is NOT NEEDED for the FAFSA. You will need it, at most schools, to qualify for the full range of the school specific scholarships/grants etc., but it is entirely unneccessary (and will most likely be ignored) for the FAFSA. Granted, we all still need to get this info together soon (e.g. UC San Diego has the deadline for their school-specific financial info as April 17th, or within two weeks of acceptance, whichever comes first), but it is entirely unnecessary at this stage.

At least as far as I can tell (and as I have gathered from financial aid talks at interviews - UMichigan's was the best).