Are you preparing your FAFSA form to try and get some financial aid for college, but you (or your parents) haven't filed tax returns yet for the income information? Is the deadline for your school or schools coming up, and you have to get it done?
This is not an unusual situation, as some schools have FAFSA deadlines that are before April 15. However, you can relax! If you cannot get the returns filed before the form is due, use estimated income figures based on the previous year’s return. You can always amend the FAFSA after the returns are filed.
Tax information can also be transferred into the FAFSA automatically from the IRS database. You can’t use it if you are using estimated income (because you haven’t filed your tax return yet) or before the IRS has it available (in most cases it will be two weeks after you file), but it is worth using if you can! Check it out!
If you would like more information about student loans, you can download my free book, I Graduated; Now What? A Guide to Dealing with Your Student Loans.