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For what year does the 2020 2021 FAFSA form require income tax information?
The FAFSA asks for income and taxes paid according to lines on the IRS tax forms for 2018, the “base year” for 2020–2021. Data from the completed tax year is used as a predictor of the family’s financial situation for the current year.
Should I fill out the FAFSA if my parents make a lot of money?
Even if your family earns a substantial income, you are still encouraged to apply for federal aid. Many opportunities exist in the world of college funding, even if it seems as though your parents make too much money for financial aid.
What tax year do I use for FAFSA 2021?
The 2021–22 Free Application for Federal Student Aid (FAFSA®) form asks for 2019 income and tax information.
What tax info do I need for FAFSA 2021?
Your federal income tax returns, W-2s, and other records of money earned. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.) Bank statements and records of investments (if applicable) Records of untaxed income (if applicable)
Is may too late for FAFSA?
April 15, 2021, by midnight Central time. For priority consideration, submit your FAFSA form by May 1, 2021.
What year does the 2021 2022 FAFSA cover?
If you’re applying for financial aid for the 2021–22 school year (typically July 1, 2021, through June 30, 2022), you should file a 2021–22 FAFSA form. Contact your school to verify what award year you should apply for, especially if you’re attending school during the summer.
Why does FAFSA use 2 year old taxes?
When Life Situations Change, How Do You Complete the FAFSA®? The FAFSA requests family income information from two years prior. This lets families easily use the IRS Data Retrieval Tool on the FAFSA, a resource that quickly pulls in tax information and makes completing the FAFSA much simpler.
Why does FAFSA use taxes from 2 years ago?
Can I complete FAFSA without tax return?
While accurate tax information is required on the FAFSA® form, the Office of Federal Student Aid, also known as the FSA, does allow students to file their FAFSA® if the student or parent has not yet filed their income taxes for the requested year.