As I'm gearing up to fill out the FAFSA, I'm wondering what specific tax documents I need to have on hand. I know that parent's financial information plays a big role, but I'm not exactly sure how far back they need to go or what specific forms are required.
Could someone break down exactly which tax documents are needed, whether it's just the most recent year or multiple years, and if parents' tax records are enough? It's a bit overwhelming, and I want to make sure I have everything ready.
When preparing to fill out the Free Application for Federal Student Aid (FAFSA), it's helpful to organize your financial documents before starting the process. Here's a list of tax documents that both you and your parents should have:
1. Your and your parents' federal income tax returns: For the FAFSA, you'll need information from tax returns two years prior to the academic year for which you're applying. For example, if you're applying for aid for the 2025-2026 academic year, you'll need information from your 2023 taxes. Note that you can use the IRS Data Retrieval Tool, which transfers your tax data directly into the FAFSA form.
2. W-2 forms: W-2 forms report your and your parents' annual wages. They're also required for the same year as your federal income tax returns.
3. Records of untaxed income: This could include child support received, interest income, and veterans noneducation benefits.
4. Information on cash, savings, and checking account balances: This includes information on investments, real estate (excluding the home in which you live), and business and farm assets.
5. Social Security number (SSN) or Alien Registration number: The SSN is required for U.S. citizens, and the Alien Registration number is required for non-U.S. citizens.
6. Driver’s license number (if you have one): The FAFSA will ask for this information but it's optional.
Remember, it's important to report your family's financial situation accurately to get the best financial aid package possible. If you have any other questions about filling out the FAFSA, don't hesitate to ask!
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