Use estimated taxes to fill out your financial aid form if you've not received your W-2.
Filing the Free Application for Federal Student Aid (FAFSA) early may maximize your financial aid potential. The earliest you can file each year is January 1. You will need your previous year's federal tax information to fill out the financial sections of the form. Tax information isn't always available, as employers are not required to mail out W-2 forms until January 31. You can estimate tax return filing information instead, and correct it later on your Student Aid Report (SAR).
Tax Documents Needed
Gather your W-2s if you have them. You will also need your tax returns if you have filed prior to filling out your FAFSA. If you are using estimated tax information, you will need your final check stub of the year if you do not have your W-2. You will also need your parents' tax information if you are not an independent student. If you are married, you will need your spouse's financial information.
FAFSA Calculator
The FAFSA provides calculators to help you estimate your tax and your finances. Plug in your financial information and it will crunch the numbers for you. The calculators are part of the application process, not independent of it, so you will have to sign in to access them. Don't forget to add the Hope or Lifetime Learning educational credits if you qualify. If you don't have all the required information, you can save your FAFSA online and return to it later.
Your SAR
Your Student Aid Report (SAR) will be generated in a few days if you apply online. If you don't receive it within two weeks, do not reapply, simply click "Check Status of a Submitted FAFSA or Print Signature Page" on the FAFSA home page. Once your FAFSA has been processed, you will receive email notification that you may view the SAR and make any corrections to your financial or personal data.
Correcting the SAR
Carefully look over your SAR for errors. If you have filed your tax return since you submitted your form, correct the SAR and resubmit it. You will receive a corrected copy email notification when the corrections are processed. Then you will be able to view your SAR online and print it if you wish to keep a hard copy for your records.
IRS Reported Aid
If you received financial aid that was taxed on your IRS tax return for the previous school year, then you must report it on your FAFSA for the year in which you currently are applying. You must add it to your adjusted gross income (question 44D). This includes any student loans, grants or scholarships.
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