FAFSA deadline vs waiting for 2023 amended tax return to process - which is better?

I work in a financial aid office and deal with this situation often. Go ahead and submit the FAFSA with your current information ASAP to meet priority deadlines. Then contact each school's financial aid office directly to let them know about the amendment. Most schools have a process for updating FAFSA info and will likely have you complete a form. Amended returns can take 8-12 weeks to fully process in the IRS system, sometimes longer during tax season, so waiting could significantly delay your son's financial aid packages.

WAIT! Our family did this last year and it was a HUGE mistake!! We filed FAFSA with original tax info, then the school put our app on hold when we told them about the amendment. They wouldn't process ANY aid until they got the amended info. Lost out on first-round scholarships. Every school handles this differently!!

dont stress too much about it my daughter got her fafsa done late last yr and still got decent money. the amended stuff matters more if ur close to pell grant cutoffs i think

As a former tax professional who specialized in education planning, I'll add some technical details: Amended returns (Form 1040-X) processed electronically take approximately 3-4 weeks to appear in the IRS Data Retrieval Tool system that FAFSA uses. However, if your amendment significantly changes your AGI or taxable income, most schools will want documentation directly from you anyway. My recommendation is two-fold: 1. Submit FAFSA now using current tax information to meet priority deadlines 2. Prepare a financial aid appeal packet for each school containing: copy of original return, copy of amended return, and a letter explaining the specific changes This proactive approach usually works best with financial aid offices.

Yes, definitely wait until you have the official amended return accepted by the IRS before sending documentation to schools. They'll need proof that it was properly filed. Once your accountant e-files in late January, you should receive IRS acknowledgment within a few days to a week.

I tried reaching the FSA helpline to ask this exact question last month and spent HOURS on hold before getting disconnected. Finally used Claimyr (claimyr.com) to get through to an agent in about 20 minutes. They confirmed that for FAFSA purposes, you should submit with current info and then work with individual schools on updates. You can see how their service works in this video: https://youtu.be/TbC8dZQWYNQ - totally worth it when you need actual answers from FSA directly and can't waste days trying to get through.

I'm dealing with this EXACT situation!!! We had to amend our 2023 taxes because my husband's 1099 from a side job arrived late. I called three different colleges my daughter applied to and got THREE completely different answers: School 1: "File FAFSA now, email us when amendment is done" School 2: "Wait to file FAFSA until amendment is processed" School 3: "File now but fill out our special circumstances form" The whole system is INSANE! Why isn't there ONE clear procedure??

just wondering do u know how much the amendment will change ur AGI? if its not much might not matter

With a $12,000 increase to AGI, your SAI (Student Aid Index, formerly EFC) will likely increase by approximately $1,200-2,400 depending on your overall financial situation. This might affect institutional aid at some private colleges but is less likely to impact federal aid unless you're near certain thresholds. I still recommend filing FAFSA now and then updating the schools - a bird in hand approach.

good luck! the whole fasfa thing is so complicated this year with all the changes

As someone who just went through this process last year, I completely agree with the "file now and update later" approach. We had a similar situation with an amended return that increased our AGI by about $8,000. I filed the FAFSA in early February with our original tax info, then contacted each school's financial aid office once our amendment was processed in April. Most schools were very understanding and simply asked us to complete a verification worksheet with the updated information. The key is being proactive in your communication - don't wait for them to discover the discrepancy. Also, keep detailed records of all your communications with each school since they all handle it slightly differently. Your son's aid packages might be adjusted slightly, but it's much better than missing priority deadlines entirely!

As a college financial aid counselor with 8 years of experience, I strongly echo the advice to file your FAFSA now with your current tax information. Priority deadlines are called that for a reason - schools allocate their institutional aid funds on a first-come, first-served basis after those dates. An amended return that adds $12K to your AGI will likely increase your SAI by about $1,500-2,500, but missing priority deadlines could cost you thousands more in institutional grants and scholarships that won't be available later. Here's what I recommend: 1) File FAFSA immediately, 2) Email each school's financial aid office explaining your situation and timeline for the amendment, 3) Ask if they have a preferred process for updates, and 4) Submit updated documentation as soon as your amendment is processed. Most schools appreciate proactive communication and will work with you. The worst thing you can do right now is wait and potentially lose out on aid that has strict deadlines.