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How can I apply for financail aid when I dont know my tax information?


Enter the amount of the student's (and his/her spouse's) income tax for 2005 (question 36):

This information may be on the following forms:
IRS Form 1040-line 57;
1040A-line 36; or
1040EZ-line 10.

I havent filed yet and I dont have my W-2's so i dont know what to put???

I need help filling it out!!!

This is a common problem, because many schools require students to file the FAFSA early (often February 15), but most people haven't even thought about filling out their 1040s by then.

You are allowed to estimate the numbers on your FAFSA if you don't know exactly what your 1040 is going to look like. Sit down with all your paperwork and plug your best-guess numbers onto your 1040. Then file your FAFSA using these estimates.

Now it's important to remember that later you will receive a document called a Student Aid Report on which you will be asked to verify your FAFSA information. When you have the correct numbers from your 1040, you need to make corrections on you Student Aid Report and send it back to the Department of Education. If you don't, you run the risk of being flagged for verification proceedings by your school's financial aid office, which is a pain that you should avoid if possible.

Next year, make a point of getting your tax information together early and you'll be able to file both your FAFSA and your 1040 early without having to go through the headache of estimating.

Did you lose your W-2s? Or did you not get one because you didn't work? I hope you filed for extension with IRS if you owe tax. Why don't you try filing your tax first? If you are not itemizing, you can file 1040EZ, which shouldn't take long at all. After that, you can fill the form for financial aid. If you don't know how to fill 1040EZ form, ask your parents.

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