When it comes to applying for financial aid for the 2023-24 academic year, one of the most common questions students and their families have is which tax return they need to provide. The Free Application for Federal Student Aid (FAFSA) requires specific tax information to determine your eligibility for federal aid, scholarships, grants, and loans. For the 2023-24 FAFSA, you will need to provide information from your 2021 tax return.
1. Can I use my 2022 tax return for the 2023-24 FAFSA?
No, the FAFSA for the 2023-24 academic year requires information from your 2021 tax return.
2. What if I haven’t filed my 2021 tax return yet?
If you have not filed your 2021 tax return by the time you are completing the FAFSA, you can use estimated tax information. However, you will need to update your FAFSA once you have filed your taxes.
3. Do I need to provide my parents’ tax return for the FAFSA?
If you are considered a dependent student, you will need to provide your parents’ tax information as well. This includes their 2021 tax return for the 2023-24 FAFSA.
4. What if my parents are divorced or separated?
If your parents are divorced or separated, you will need to provide tax information for the parent you lived with the most during the past 12 months. If you lived with both parents equally, provide information for the parent who provided more financial support.
5. Do I need to provide tax information if I am an independent student?
Yes, independent students also need to provide their own tax information for the FAFSA. This includes your 2021 tax return for the 2023-24 academic year.
6. Can I use my 2020 tax return for the 2023-24 FAFSA?
No, the FAFSA requires the most recent tax information, which for the 2023-24 academic year is your 2021 tax return.
7. What if my income has changed since I filed my 2021 tax return?
If your income has significantly changed since you filed your 2021 tax return, you may be able to request a professional judgment review from your school’s financial aid office. They can take your updated financial information into consideration when awarding aid.
8. Do I need to provide information from both my federal and state tax returns?
The FAFSA primarily requires information from your federal tax return, but some schools may request information from your state tax return as well. Check with your school’s financial aid office for specific requirements.
9. What if I did not file taxes for 2021?
If you were not required to file taxes for the 2021 tax year, you will need to indicate this on the FAFSA. You may still be eligible for financial aid based on alternative documentation of your income.
10. Can I use my parents’ 2022 tax return instead of their 2021 tax return?
No, the FAFSA requires tax information from the calendar year prior to the academic year for which you are applying. For the 2023-24 FAFSA, you will need to provide your parents’ 2021 tax return.
11. What if I filed an amended tax return for 2021?
If you filed an amended tax return for the 2021 tax year, you will need to provide a copy of both the original tax return and the amended tax return when completing the FAFSA. The financial aid office may request additional documentation.
12. How do I transfer tax information into the FAFSA form?
To transfer tax information directly into the FAFSA form, you can use the IRS Data Retrieval Tool (DRT). This tool allows you to securely transfer your tax information from the IRS to your FAFSA, simplifying the application process and reducing the likelihood of errors.