There’s only a month left to reap two years’ worth of financial aid. This upcoming FAFSA will be the last FAFSA available in January. After that, the FAFSA should be filled out in October. So in 2016 you will be filling out two FAFSAs.  On the January FAFSA you will use your estimated 2015 tax info and on the October FAFSA you will use your actual 2015 tax info. That’s right, your 2015 tax return will be the basis for determining the income portion of the EFC formula for the 2016-2017 and the 2017-2018 school year.  What this means is if your child is a junior or senior in high school or is already in college, the 2015 tax return is going to be one of the most important tax returns you will file.  There’s not a lot of time left to make any adjustments that will put you in a better tax position as well as a better position for financial aid. And be careful because not all tax strategies will put you in a better position for financial aid. So start moving and get the right help.

 

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