What taxes do you use for 2024 FAFSA?

You and your contributors may need to answer FAFSA questions about untaxed income, such as child support and interest income. Remember: On the 2024–25 FAFSA form, you'll use 2022 tax or calendar year information to answer these questions.

What taxes are needed for FAFSA 2024?

Use your 2022 tax return to complete the income section of the 2024-25 FAFSA and CSS Profile. If you did not file a tax return, use your income information from 2022 to complete both forms. Additional instructions are available on the FAFSA and CSS Profile webpages.

Why does FAFSA use 2 year old taxes?

Using an earlier tax year for determining aid eligibility makes it significantly simpler for families to complete their FAFSA, because they will are using information from tax records that had been completed and processed by the IRS many months earlier.

Which tax return to use for FAFSA?

The federal income tax return you should use is the return you filed 2 years before the current academic year. For example, when applying for aid for the 2023-2024 academic year, you'll be asked for your 2021 tax information. For the 2024–2025 academic year, you'll be asked for your 2022 tax information.

Which FAFSA do i fill out for fall 2024?

The 2024–25 Free Application for Federal Student Aid (FAFSA^®) form is now available. You can complete the form to apply for financial aid to help pay for attendance at college between July 1, 2024, and June 30, 2025.

Start Your 2024–25 FAFSA® Form

What tax return do I need for FAFSA 2024 25?

You and your contributors may need to answer FAFSA questions about untaxed income, such as child support and interest income. Remember: On the 2024–25 FAFSA form, you'll use 2022 tax or calendar year information to answer these questions.

What tax return do I need for FAFSA 2023 24?

For the 2023-24 year, you will input financial information from the 2021 tax year. To make your life a bit easier, you may be able to add financial information from your tax return to the FAFSA application using the IRS Data Retrieval Tool.

What tax papers do I need for FAFSA 2023 24?

2023–24 FAFSA^® Form

Federal tax information, tax documents, or tax returns, including IRS W-2 information, for you (and your spouse, if you are married), and for your parents if you are a dependent student: IRS Form1040. Foreign tax return or IRS Form 1040-NR.

Do I need my parents tax return for FAFSA?

As a dependent student, you're assumed to have parental support, so your parents' information has to be assessed along with yours to get a full picture of your family's financial strength and calculate your federal student aid eligibility.

What are the 3 most common FAFSA mistakes?

You'll have a better chance at receiving money for college if you avoid several common mistakes when filling out your Free Application for Federal Student Aid (FAFSA^®) form. Such mistakes include not completing the form on time, not filling it out correctly, or forgetting to sign and submit.

At what age do you stop using your parents taxes for FAFSA?

A student may already be financially independent, but they're not considered legally independent for the FAFSA until they reach 24 years old — unless they qualify for a dependency override. In that case, you can fill out the FAFSA without your parents' or guardians' financial information.

Why does FAFSA want old tax returns?

The FAFSA^® requests family income information from two years prior. This allows the FAFSA to use the FUTURE Act Direct Data Exchange (FA-DDX), a resource that quickly pulls in tax information and makes completing the FAFSA much simpler.

Is FAFSA changing for 2024?

With the 2024-2025 FAFSA, the term Expected Family Contribution (EFC) will be replaced with the Student Aid Index (SAI) – this is a new need analysis formula that we will use when awarding need-based grants and scholarships.

Is FAFSA first come first serve?

The earlier families fill out the form, the better their chances are of receiving aid, since some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds.

Will I get financial aid if my parents make over 100k?

If your parents are high earners, you might assume you won't get any financial aid to help pay for college. But that's not necessarily the case. The Department of Education doesn't have an official income cutoff to qualify for federal financial aid.

When should I fill out FAFSA for 2024 25?

As previously announced, students and families will be able to complete and submit the 2024–25 FAFSA form online by Dec. 31. We will be treating the period leading up to and following Dec.

What GPA do I need for FAFSA?

This often entails keeping your grade point average (GPA) at 2.0 or higher on a 4.0 scale (i.e., at least a C average) and advancing in your degree programme by passing enough classes. On a scale of 4.0, about one in ten college students will have a cumulative GPA below 2.0.

Is the FAFSA simplified needs test for 2024?

The Simplified Needs Test has also been eliminated—if applicants fall below certain income thresholds or receive some specific federal benefits, they'll be identified as Applicants Exempt from Asset Reporting.

When should I fill out FAFSA for fall 2023 24?

2023–24 FAFSA^® Deadlines

The FAFSA form must be submitted by 11:59 p.m. CT on June 30, 2024. Any corrections or updates must be submitted by 11:59 p.m. CT on Sept. 14, 2024.

Do both parents fill out FAFSA?

If your parents are married (not separated), both of your parents' information must be included on the FAFSA form, regardless of whether your parents are of the same or opposite sex.

Is FAFSA first come first serve 2024?

“As soon as the FAFSA officially opens, I highly recommend students and families schedule an hour out of their day to fill out the form,” Finn said. “It's more important than ever for families to fill out the FAFSA as soon as it opens as some aid is awarded on a first-come, first-served basis.”

What is Pell Grant in FAFSA?

The Pell Grant is the largest federal grant program offered to undergraduates and is designed to assist students from low-income households. A Federal Pell Grant, unlike a loan, does not have to be repaid, except under certain circumstances.

What if I filled out the wrong FAFSA year?

If you filed for the wrong year, then you'll need to submit a new FAFSA form for the correct award year to be eligible for federal student aid. Was this page helpful?