Which tax forms do I need to fill out the FAFSA?

I'm a junior and starting to think about financial aid for college. I keep hearing about the FAFSA, but I'm not sure what tax forms I need to have ready to complete it. Can someone clarify which documents are necessary and if they are from my parents or my own? Also, any tips on common mistakes to avoid when filling out the FAFSA?

To fill out the FAFSA, you'll need relevant tax documents both from your parents (or parent, if you live with just one) and you, if you've been working. As of today, the documents needed for the FAFSA include:

1. The student's federal income tax returns, W-2s, and other records of the money earned in the previous year. (Note: You may be able to transfer your federal tax return information into your FAFSA using the IRS Data Retrieval Tool.)

2. The parents’ federal income tax returns, W-2s, and other records of money earned in the previous year.

3. Information on parents’ untaxed income, such as child support received or interest income, and information on savings, investments, and assets (e.g. stocks, bonds)

4. An FSA ID to sign the form electronically (both you and your parent will need this, if you're a dependent student).

The financial situation of the majority of students applying for college is heavily reliant on their parents' finances, which is why their tax information is crucial. However, if you've been working and earning an income, you'll need your tax forms too.

As for avoiding common mistakes:

1. Check and double-check your data entry. One of the most common mistakes is incorrect input of financial information. Double-check all dollar amounts entered to make sure they're accurate.

2. Don't leave fields blank. If the answer is zero or the question does not apply to you, write '0'.

3. Use the correct Social Security Numbers and legal names. Both student and parent(s) should use the SSN and name as they appear on their Social Security card.

4. Remember to sign and submit the FAFSA. It can be easy to overlook this last step in the process!

Remember, everyone's financial situation is different so take your time and be meticulous. And the sooner you get started, the better, since some aid is awarded on a first-come, first-served basis!