Hey everyone, I'm a bit confused about the whole FAFSA situation. Could someone explain exactly what kind of tax information I need to get from my parents? They're not super tech-savvy, so I'm trying to figure out what forms I need them to dig up. And what if their financial situation has changed significantly since their last tax return?
Hello! When filling out the FAFSA, you'll need your parents' tax return from the prior-prior year. Specifically, that's their IRS 1040 form along with any W-2s and other records of money earned. If your parents are not tech-savvy, the IRS Data Retrieval Tool can directly import their tax information into the FAFSA, which simplifies the process significantly.
If their financial situation has changed since the last tax return, you can complete the FAFSA with the information available and then contact the financial aid office at the colleges you're applying to. Explain the situation and provide documentation; they have the authority to assess financial aid on a case-by-case basis. This allows for adjustments in financial aid awards due to changes in income, unemployment, or other financial setbacks. Don't hesitate to reach out if you require further guidance through this process!
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