What tax info does FAFSA 2025-2026 require from parents? Need specifics for my HS senior

Good news - you don't need to upload your actual tax forms! The 2025-2026 FAFSA will ask for information from your 2023 Federal tax return (the one filed in 2024). The FAFSA uses the IRS Data Retrieval Tool which pulls information directly from your tax return if you consent to it. Here are the main tax items they'll request: - AGI (Adjusted Gross Income) from line 11 of Form 1040 - Federal Income Tax from line 22 of Form 1040 - Wages/income from W-2 forms (boxes 1 from all W-2s) - Untaxed portions of retirement distributions - Any child support received - Cash, savings, and checking account balances (current) - Investment values excluding your primary home (current) They'll also ask about household size, number in college, etc. The new simplified FAFSA is actually easier than previous years!

the fafsa is WAY different now. they only look at ur adjusted gross income now for the most part. they changed everything last yr and it supposed to be easier but honestly made it more confusing imo... it caused a ton of delays too so start early!!! and ya they use 2023 taxes

I just completed the 2024-2025 FAFSA for my son last month, so I can tell you exactly what they ask for now. The big change is they now use the SAI (Student Aid Index) instead of the old EFC. They primarily look at your AGI from your 2023 taxes, but there are other factors too. Here's what we needed: 1. 2023 Adjusted Gross Income (line 11 on 1040) 2. Income tax paid (line 22 on 1040) 3. Current cash/savings/checking balances 4. Current investment values (not including your primary home) 5. Business assets if you own a business with more than 100 employees For your rental property, you'll need to report current net worth (market value minus debt). And yes, you can absolutely use the IRS Data Retrieval Tool! It pulls all the tax info automatically, but you'll still need to manually enter current asset values. One important tip: create FSA IDs for both you and your daughter BEFORE you start the application. That alone can take several days to process.

I filled one out last year and it was a NIGHTMARE!!! The system kept crashing, losing my info, and then we got selected for "verification" which delayed everything by MONTHS!! Start early and be prepared for the FSA website to have issues. They completely redesigned the system and it wasn't ready. For tax info, they do use 2023 tax info for the 2025-2026 year. BE PREPARED for lots of waiting after you submit. Took us 7 WEEKS to get our SAI calculation and by then many scholarships had deadlines that passed. 😡

i messed up my daughters fafsa last yr bc i put our retirement accounts as investments and it KILLED her aid package. make sure u know what counts as an investment and what doesnt!!!! retirement accounts are NOT counted as investments for fafsa!!!! cost her like $6000 in grants

After dealing with FAFSA issues for my son this past year, I'd recommend trying to reach someone at Federal Student Aid directly for specific questions about rental property or business income. However, if you try calling, be prepared for incredibly long wait times. I spent over 4 hours on hold across multiple calls before finally giving up. I ended up using a service called Claimyr (claimyr.com) that held my place in line and called me back when an agent was available. Saved me hours of waiting and I got my questions answered. They have a video demo of how it works: https://youtu.be/TbC8dZQWYNQ Regarding your tax questions, yes the FAFSA will use your 2023 tax information. The simplified formula still considers your AGI, but the calculations behind the scenes have changed significantly with the new SAI system.

One more important thing to know: the 2025-2026 FAFSA will have a "look-back" period of 2023 tax information, which means you'll be reporting income from two years before your daughter starts college. If your financial situation has significantly changed since 2023 (job loss, major medical expenses, etc.), you should prepare to file a Professional Judgment appeal with each college's financial aid office AFTER you complete the FAFSA. The FAFSA itself doesn't have a place to explain special circumstances, but individual colleges can adjust your SAI if you can document substantial changes to your financial situation since 2023.

Does anyone know when the 2025-2026 FAFSA typically opens? I heard they delayed the opening date last year and wondering if they're back on the normal October timeline now.

make sure u get the fsa ids set up way b4 u need them!!! they can take like 3 days to process and u need them to access the fafsa. both u and ur daughter need one.

I'm also preparing for my daughter's 2025-2026 FAFSA and this thread has been incredibly helpful! One thing I wanted to add that I learned from our college counselor: if you have a rental property like you mentioned, you'll need to report its current net worth (market value minus any outstanding mortgage debt) as an investment asset. The rental income itself will already be included in your AGI from your 2023 tax return, but the property value as an asset is reported separately. I'd recommend getting a recent property assessment or looking at comparable sales in your area to have a realistic market value ready. Also, I second everyone's advice about starting early and creating those FSA IDs well in advance. My friend's daughter almost missed some scholarship deadlines last year because of all the technical delays. Your daughter sounds like she's worked really hard - don't let the FAFSA process stress you out too much. You've got this!

This is all such incredibly helpful information! Thank you everyone for taking the time to share your experiences. I feel so much more prepared now knowing what to expect. A few quick follow-up questions: 1. For the rental property net worth calculation - do I need to get a formal appraisal or is a reasonable estimate based on comparable sales okay? 2. When everyone mentions "current" asset values for savings/investments - does this mean the balance on the day I'm filling out the FAFSA, or can I use end-of-month statements from the previous month? 3. Should I gather all this information and have it ready before the FAFSA opens, or wait until it's actually available to see the exact questions? I'm definitely going to set up our FSA IDs this summer and start gathering documents early. My daughter has worked so hard - between her job, maintaining her GPA, and all her college prep, she deserves every bit of aid she can get. I just want to make sure I don't mess this up for her! Thanks again for all the advice about starting early and being prepared for potential system issues. This community is amazing!

As someone who's also new to navigating the FAFSA process, I wanted to share what I've learned from talking to our high school's financial aid counselor. She emphasized a few key points that align with what everyone here has shared: The 2025-2026 FAFSA will indeed use your 2023 tax information, and the IRS Data Retrieval Tool is your best friend - it eliminates most chances for error. However, she warned that if you amended your 2023 tax return, you might not be able to use the tool and will need to enter information manually. For your rental property question, you'll report it as an investment asset (net worth = current market value minus debt), and the rental income should already be captured in your AGI. She suggested using your county assessor's value or recent comparable sales as a reasonable estimate. One tip she gave that I haven't seen mentioned: keep copies of EVERYTHING. Even though the new FAFSA is supposed to be simpler, the verification process (if you're selected) can still be extensive. Having organized records from the start will save you headaches later. Your daughter's hard work and your early preparation are going to pay off. Starting this early gives you time to address any issues that come up. The financial aid process can feel overwhelming, but communities like this make it so much more manageable!

As a newcomer to this community and the FAFSA process, I want to thank everyone for sharing such detailed and helpful information! Reading through all these experiences has been incredibly valuable. I'm in a similar situation preparing for my child's 2025-2026 FAFSA, and based on everything shared here, I'm creating a preparation timeline: **Summer 2024:** - Set up FSA IDs for both parent and student (allowing extra time for processing) - Gather and organize all 2023 tax documents - Research current market values for any investment properties - Take screenshots/copies of current bank and investment account balances **Fall 2024:** - Monitor Federal Student Aid announcements for the official opening date - Have all documentation ready in organized folders - Plan to submit during off-peak hours (late evening) to avoid system crashes One question I haven't seen addressed: for those who were selected for verification, what was the most commonly requested additional documentation? I want to be prepared just in case. The stories about system crashes and delays are definitely concerning, but knowing what to expect helps tremendously. It sounds like patience and early preparation are key. Thank you all for taking the time to share your experiences - it's making this process feel much more manageable for us newcomers!

Hi everyone! I'm new to this community and currently preparing for my daughter's first FAFSA application for 2025-2026. This entire thread has been incredibly informative - thank you all for sharing your experiences! I wanted to add one thing I learned from our college prep seminar: if you have multiple children who will be in college simultaneously, make sure to accurately report the "number in college" on the FAFSA. This can significantly impact your SAI calculation. Even if your other child is already in college and has their own FAFSA, you still need to include them in the household college count for your incoming freshman. Also, for anyone dealing with divorced parents - the FAFSA has specific rules about which parent's information to report. It's not necessarily the custodial parent, but rather the parent who provided the most financial support in the 12 months prior to filing. This can get complicated, so it's worth understanding early. Like many of you mentioned, I'm planning to create our FSA IDs this summer and gather all documents well in advance. The rental property reporting advice has been particularly helpful since we're in a similar situation. One more tip from our counselor: screenshot the final FAFSA submission confirmation page and save it in multiple places. With all the technical issues people experienced, having proof of submission date could be crucial if any problems arise. Thanks again for making newcomers feel welcome and sharing such practical advice!

Welcome to the community! As another newcomer navigating this process, I've been following this thread closely and wanted to share a resource I discovered that might help answer some of the detailed questions that have come up. The Federal Student Aid website has a comprehensive guide called "Completing the FAFSA" that breaks down many of the scenarios discussed here, including the divorced parent reporting rules and business/rental property reporting. What I found particularly helpful was their "FAFSA Help" section which has specific examples for different family situations. For those asking about verification documentation, I called my daughter's top choice college directly and their financial aid office was incredibly helpful. They sent me a list of documents they typically request during verification, which closely matches what others have mentioned here - tax transcripts, W-2s, bank statements, and verification worksheets for untaxed income. One thing they emphasized that I haven't seen mentioned: if you're self-employed or own rental property, keep detailed records of business expenses and depreciation schedules from your 2023 tax return. These can be crucial if you need to explain income calculations during verification. I'm definitely taking everyone's advice about starting early and being prepared for technical difficulties. Planning to have everything organized by September so we're ready whenever the 2025-2026 FAFSA opens. This community has been such a valuable resource - thank you all for sharing your knowledge and experiences!

Hi everyone! I'm also new to this community and preparing for my son's 2025-2026 FAFSA. This thread has been absolutely invaluable - thank you all for sharing such detailed experiences and advice! Reading through everyone's responses, I'm struck by how much the process has changed with the new SAI system and all the technical challenges from last year. As a newcomer, I wanted to ask about one thing I haven't seen addressed: timing for CSS Profile schools. My son is applying to several private colleges that require both FAFSA and CSS Profile. Does anyone know if the CSS Profile timeline has been affected by the FAFSA delays, or should I plan to complete it separately on the usual schedule? I'm worried about juggling both applications and want to make sure I don't miss any deadlines. Also, based on everyone's advice about system crashes and delays, I'm thinking of creating a backup plan - maybe filling out a paper FAFSA if the online system has major issues again. Does anyone know if that's still an option, or is it online-only now? The rental property reporting advice has been especially helpful since we're in a similar boat. I'm definitely going to get our FSA IDs set up this summer and start gathering all documents early. Your daughter sounds like an amazing student who absolutely deserves all the aid she can get - and with all this great preparation advice, I'm confident you'll navigate the process successfully!

Hi everyone! I'm new to this community and currently preparing for my daughter's 2025-2026 FAFSA as well. This thread has been incredibly helpful - thank you all for sharing such detailed experiences! I wanted to add something I learned from our high school's college counselor that might be useful: she recommended creating a "FAFSA folder" with both physical and digital copies of all documents. Her suggestion was to scan everything into a cloud storage folder so you can access it from any device if the system crashes or you need to switch computers mid-application. For the rental property question that started this thread - our counselor said to use the most recent property tax assessment as a starting point for market value, then adjust based on comparable sales if needed. She emphasized that consistency is key - whatever method you use to determine the value, be prepared to explain it if selected for verification. One thing I'm curious about: has anyone dealt with reporting 529 college savings plans? I know they count as investments, but I'm wondering if there are any special considerations since they're specifically for education expenses. Like many of you, I'm planning to set up our FSA IDs this summer and have everything organized well before the application opens. Your daughter's dedication with that 3.9 GPA while working part-time is inspiring - she definitely deserves every opportunity for financial aid. This community's advice is giving me so much more confidence in navigating this process!

Hi everyone! I'm new to this community and also preparing for my son's 2025-2026 FAFSA. This thread has been incredibly informative - thank you all for sharing your experiences and advice! I wanted to ask about something I haven't seen mentioned yet: if you have a college-age child who took a gap year and is now entering as a freshman for 2025-2026, are there any special considerations for the FAFSA? My son graduated high school in 2023 but took a gap year to work and save money, so he'll be starting college in fall 2025. Also, I noticed several people mentioned the IRS Data Retrieval Tool - is there any situation where you might want to choose NOT to use it, even if you're eligible? I'm wondering if manual entry gives you more control over how information is presented, or if the automatic tool is always the better option. The advice about FSA IDs and early preparation is really helpful. Like many of you, I'm planning to get everything organized this summer. Between the rental property reporting tips and all the warnings about system crashes, I feel much better prepared for what to expect. This community is such a valuable resource for newcomers like me navigating this process for the first time!

Hi everyone! I'm new to this community and also preparing for my daughter's first FAFSA for 2025-2026. This thread has been absolutely incredible - I can't thank you all enough for sharing such detailed and helpful information! As a newcomer, I wanted to ask about something I haven't seen addressed yet: for families with both W-2 income and self-employment income, how does the FAFSA handle the self-employment tax deduction? I know our AGI from line 11 will include the net self-employment income, but I'm wondering if there are any additional considerations or worksheets for the self-employment tax portion. Also, I noticed several mentions of the verification process - approximately what percentage of applicants get selected for verification? I want to be prepared, but I'm hoping to understand if it's something that happens to most families or just a smaller subset. The advice about creating FSA IDs early and organizing documents in advance has been so valuable. Like many of you, I'm planning to start gathering everything this summer. The rental property reporting guidance has been particularly helpful since we have a small rental as well. This community is amazing - thank you for making newcomers feel so welcome and for sharing such practical, real-world advice! It's giving me so much more confidence about tackling this process successfully for my daughter.

Hi everyone! I'm new to this community and also preparing for my son's 2025-2026 FAFSA. This thread has been absolutely invaluable - thank you all for sharing such detailed experiences! I wanted to add something that might be helpful for other newcomers: our financial advisor recommended keeping a monthly record of bank account balances leading up to FAFSA filing time, since the application asks for "current" asset values. She said some families strategically time large purchases (like paying down debt or prepaying expenses) before filing to legally minimize reported assets. Also, I haven't seen anyone mention the impact of grandparent-owned 529 plans. If grandparents have college savings accounts for your child, distributions from those plans can count as untaxed income to the student on the following year's FAFSA, which can significantly impact aid eligibility. It might be worth coordinating timing with grandparents if this applies to your situation. The advice about FSA IDs, early preparation, and being ready for system crashes has been so helpful. Like many of you, I'm creating a comprehensive checklist and backup plans. Your daughter's dedication with that 3.9 GPA while working is truly impressive - she absolutely deserves all the financial aid opportunities available. This community has made what seemed like an overwhelming process feel much more manageable!