Life Support - Tax Facts
Tips For Filling Out The FAFSA Form
You Can Do It!
Tips from The Tax Institute at H&R Block
Tip # 1: Read. Read. Read. Before you start, make sure you read ALL the instructions. Sounds like a given, but many think they can just dive into the application process without benefit of the instructions. Big mistake.
Tip #2: Pay attention to filing dates. The FAFSA form should be completed and mailed as soon as possible AFTER January 1 because Federal and State funds are awarded on a first come, first serve basis. However, this is one case where the early bird doesn't catch the worm; file BEFORE January 1, and your application will be returned to you because your current year income tax return data is needed to complete the FAFSA documentation. Check with the Financial Aid office at your school for the deadline dates.
Tip #3: File once, but file even if you think you're not eligible. Only one financial aid application can be submitted each calendar year. Even if you think you're ineligible for financial aid, you should still complete the form because many states and schools use it to award non-federal aid.
Tip #4: Online or paper. You can complete a paper copy or you can complete the FAFSA application online at www.fafsa.ed.gov. With an online application, the processing time is cut in half. Remember, however, that you'll need a PIN number for an online application if you're planning to submit an online signature. Without a pin, you can still file online, but you will need to print out the signature page, sign it and return the signature page to the Dept. of Education. The Dept of Education then matches the online data received with the signature page submitted by mail and processes the FAFSA accordingly.
Tip #5: Get your stuff in order. To complete a FAFSA form, whether online or paper, you'll need: your driver's license and Social Security Card; Income tax returns; W-2s forms as well as other records of money earned; documentation of any other untaxed income such as welfare or veteran's benefits; your current bank statements; current mortgage information; and any business or farm reports if applicable. Ask your tax professional if you have any questions about the tax-related information.
Tip #6: Black not blue. For paper copies, complete your application in black ink; not blue, and whatever you're thinking, please don't use a pencil.
Tip #7: Answer all questions. Print clearly; preferably in capital letters for all responses. If a question doesn't apply to you, write "0" or "NA" (not applicable) as the response. Round any dollar amounts to nearest whole dollar. And, remember, on the FAFSA form, "you" and "your" always refers to the student, not the parents.
Tip #8: Help. I need someone. When stuck, get help. You can call your college's financial aid office, reference the website-www.fafsa.ed.gov, or call the Federal Student Aid Information Center at 800.4.FED AID (800.433.3243). Your tax professional can assist with tax-related questions.
Tip # 9: Don't forget to sign. Parents, too, if you're a dependent. This is a common blooper; check and double-check your application to make sure you've answered ALL questions and DON'T forget to sign the application. For online applications, if you have a PIN, it will serve as your online signature.
Tip #10: Submit and wait. In 3-4 weeks, you should receive a Student Aid Report (SAR). This report will detail your expected family contribution and give you the opportunity to correct any errors or wrong information. In late March or early April, the award letter should be in the mail and you'll know how much financial aid you are eligible to receive.
Congratulations!!!!
These tips are brought to you by The Tax Institute at H&R Block.
To view other tips and helpful tax information or listen to our podcasts, visit www.digits.hrblock.com
You Can Do It!
Tips from The Tax Institute at H&R Block
Tip # 1: Read. Read. Read. Before you start, make sure you read ALL the instructions. Sounds like a given, but many think they can just dive into the application process without benefit of the instructions. Big mistake.
Tip #2: Pay attention to filing dates. The FAFSA form should be completed and mailed as soon as possible AFTER January 1 because Federal and State funds are awarded on a first come, first serve basis. However, this is one case where the early bird doesn't catch the worm; file BEFORE January 1, and your application will be returned to you because your current year income tax return data is needed to complete the FAFSA documentation. Check with the Financial Aid office at your school for the deadline dates.
Tip #3: File once, but file even if you think you're not eligible. Only one financial aid application can be submitted each calendar year. Even if you think you're ineligible for financial aid, you should still complete the form because many states and schools use it to award non-federal aid.
Tip #4: Online or paper. You can complete a paper copy or you can complete the FAFSA application online at www.fafsa.ed.gov. With an online application, the processing time is cut in half. Remember, however, that you'll need a PIN number for an online application if you're planning to submit an online signature. Without a pin, you can still file online, but you will need to print out the signature page, sign it and return the signature page to the Dept. of Education. The Dept of Education then matches the online data received with the signature page submitted by mail and processes the FAFSA accordingly.
Tip #5: Get your stuff in order. To complete a FAFSA form, whether online or paper, you'll need: your driver's license and Social Security Card; Income tax returns; W-2s forms as well as other records of money earned; documentation of any other untaxed income such as welfare or veteran's benefits; your current bank statements; current mortgage information; and any business or farm reports if applicable. Ask your tax professional if you have any questions about the tax-related information.
Tip #6: Black not blue. For paper copies, complete your application in black ink; not blue, and whatever you're thinking, please don't use a pencil.
Tip #7: Answer all questions. Print clearly; preferably in capital letters for all responses. If a question doesn't apply to you, write "0" or "NA" (not applicable) as the response. Round any dollar amounts to nearest whole dollar. And, remember, on the FAFSA form, "you" and "your" always refers to the student, not the parents.
Tip #8: Help. I need someone. When stuck, get help. You can call your college's financial aid office, reference the website-www.fafsa.ed.gov, or call the Federal Student Aid Information Center at 800.4.FED AID (800.433.3243). Your tax professional can assist with tax-related questions.
Tip # 9: Don't forget to sign. Parents, too, if you're a dependent. This is a common blooper; check and double-check your application to make sure you've answered ALL questions and DON'T forget to sign the application. For online applications, if you have a PIN, it will serve as your online signature.
Tip #10: Submit and wait. In 3-4 weeks, you should receive a Student Aid Report (SAR). This report will detail your expected family contribution and give you the opportunity to correct any errors or wrong information. In late March or early April, the award letter should be in the mail and you'll know how much financial aid you are eligible to receive.
Congratulations!!!!
These tips are brought to you by The Tax Institute at H&R Block.
To view other tips and helpful tax information or listen to our podcasts, visit www.digits.hrblock.com
