Submit FAFSA with estimates?

[Glimmer1991]

If we have a job, should we wait until after our tax info comes in to fill out the FAFSA? You can potentially give "estimates" and then come back and correct them once you get your information. Is it better to wait and have it be exact, or to go ahead and get it in?

Directly from FAFSA:

• You indicated you "Will file" a 2013 tax return.
• If your 2013 income is similar to your 2012 income, use your 2012 tax return to provide estimates for questions about your income. If your income is not similar, click Income Estimator for assistance estimating your adjusted gross income, and answer the remaining questions about your income to the best of your ability.
• Once you file, you must correct your FAFSA, changing 1) your filing status from "Will file" to "Already completed," and 2) your estimated answers to the final amounts on your 2013 tax return. At that time, you may be eligible to use the IRS Data Retrieval Tool to transfer your tax return information into the FAFSA.

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[b0bmarley]

where do you find the FAFSA fill out application? thank!

 

[ILLchief]

If we have a job, should we wait until after our tax info comes in to fill out the FAFSA? You can potentially give "estimates" and then come back and correct them once you get your information. Is it better to wait and have it be exact, or to go ahead and get it in?

Directly from FAFSA:

• You indicated you "Will file" a 2013 tax return.
• If your 2013 income is similar to your 2012 income, use your 2012 tax return to provide estimates for questions about your income. If your income is not similar, click Income Estimator for assistance estimating your adjusted gross income, and answer the remaining questions about your income to the best of your ability.
• Once you file, you must correct your FAFSA, changing 1) your filing status from "Will file" to "Already completed," and 2) your estimated answers to the final amounts on your 2013 tax return. At that time, you may be eligible to use the IRS Data Retrieval Tool to transfer your tax return information into the FAFSA.

i went ahead and submitted FAFSA with the "estimates" for 2013 tax return... the interviews that I went to stressed to submit FAFSA as early as possible as it is 1st come 1st serve for loans. i will go back in and adjust it once tax return comes.

 

[Paperclipz]

I submitted mine on the 3rd and selected "will file". Just fill it out with the 2012 tax return information if you know your earnings will be similar to this years..if not, then just give an estimate. Once you do file the 2013 tax return, then make sure you update FAFSA. Try not to wait too long to submit it because from my understanding, the graduate loan applications are processed on a first-come, first-served basis.

 

[ktran17]

Either way is fine. The IRS won't even process your returns until the end of January because of the government shutdown last year. I think as long as you do it before March 2nd you'll be fine.

I'm going to wait until my CPA comes back from vacation ><

 

[b0bmarley]

SOMEONE TELL ME WHAT I NEED TO DO FOR FAFSA. so utterly lost. if someone could help id appreciate it grealty

 

[Glimmer1991]

SOMEONE TELL ME WHAT I NEED TO DO FOR FAFSA. so utterly lost. if someone could help id appreciate it grealty

When you go to fill it out, there are instructions for every question over in a box on the right side. Since you automatically qualify as an independent, it is actually pretty dang easy because you don't have to include your parents' information. (However, if your parents are poor, I think it can actually help to include them.) The only issues that arise right now involve the fact that we haven't actually filed taxes yet--you have to estimate your gross income and income taxes. This is a bit easier if your 2013 income was similar to your 2012 income, but this isn't always the case--there was a huge difference in my 2013 and 2012 income, for example. As such, I just looked at my paystubs and estimated the values. You go back and correct them once you have the precise information.

 

[Gaucho4Life]

Question: I still don't have a definite place I'm going to. I have an acceptance but I have an interview next week, and I'd rather attend the school I have an interview for. Should I wait to do my FAFSA until I have a decision or can I fill out a FAFSA with prospective schools on my list? It's been a while since I filled out a FAFSA, and I think when I filled out my FAFSA I had a definite for sure school I was attending. Thanks

 

[ILLchief]

Question: I still don't have a definite place I'm going to. I have an acceptance but I have an interview next week, and I'd rather attend the school I have an interview for. Should I wait to do my FAFSA until I have a decision or can I fill out a FAFSA with prospective schools on my list? It's been a while since I filled out a FAFSA, and I think when I filled out my FAFSA I had a definite for sure school I was attending. Thanks

You can go back and login to FAFSA if you're admitted to the new school and add another school... Also, I believe you can "order" your selections.

 

[Gaucho4Life]

You can go back and login to FAFSA if you're admitted to the new school and add another school... Also, I believe you can "order" your selections.

Yeah sounds right. I think the biggest concern is getting your FAFSA submitted before March 2nd. Anyone know what kind of family income could give someone like us going to dental school extra help off the top of your head?

 

[jenfromdablock]

When are you supposed to do the FAFSA anyway?

 

[Gaucho4Life]

When are you supposed to do the FAFSA anyway?

Before March 2nd I believe.

 

[DredFryer]

Using income estimates are fine as long as they're close. You can edit it later on if they differ moreso than what you estimated. I believe parental information is really only necessary if you are interested in the health professions loan, which is basically a small subsidized loan directly from the dental school.