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Preparation for the FAFSA

It is very important to complete income tax returns before filling out the FAFSA -- much of the information requested is the same.

Typically, of course, we’re talking about the tax returns of the student’s parents. The tax forms don’t have to actually be filed with the IRS before completing the FAFSA, but having them completed will make the FAFSA much easier, since you will have already calculated many of the numbers needed.

The information and documents you will need to complete the FAFSA are listed below. It will make your life much easier if you have them all collected and available before you start:

  • Your Social Security Number (can be found on your Social Security card)
  • Your driver's license (if any)
  • Your prior year’s W-2 Forms and other records of money earned
  • Your (and your spouse's, if you are married) prior year’s Federal Income Tax Return - IRS Form 1040, 1040A, 1040EZ, foreign tax return, or tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau
  • Your parents' prior year’s Federal Income Tax Return (if you are a dependent student)
  • Your prior year’s untaxed income records - Social Security, Temporary Assistance to Needy Families, welfare, or veteran’s benefits records
  • Your most recent bank statements
  • Your most recent business and investment mortgage information, business and farm records, stock, bond, and other investment records
  • Your alien registration number or permanent residence card (if you are not a U.S. citizen)

 

January 1 is the first day that you can file the FAFSA. Most people, however, will not be able to complete the FAFSA until they receive W-2 and other tax-related forms around the beginning of February. In any case, you should file as soon as possible, since school, state, and private aid deadlines may be much earlier than tax deadlines.

Don't forget that many schools will also require you to submit additional financial aid forms. Make sure you check with your school’s Financial Aid Office on this.