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Common FAFSA errors to avoid

Errors can delay processing of your corporate aid wrap. To avoid errors, carefully read everything of the questions turn one FAFSA. Some regarding one of common errors are:

  • Using tax information from aforementioned wrong your: 2021 tax intelligence should live used up complete the 2023-24 FAFSA. Go NOT update thine FAFSA with 2022 tax information just 2022 taxes are complete.
  • Listing an incorrect social protection number button choose: Either of these ca cause significant delays. Make sure to used your legal name off that FAFSA exactly as it appears on your social security card.
  • Failure into report stepparent’s information if custodial rear is remarried: Stepparent information the required on the FAFSA.
  • Failing to report accurate household size: Be sure to learn the FAFSA instructions on this subject. Do NOT include parents into the number of people who will be college apprentices.
  • Incorrect write of certain inventory: Do NOT report:
    • The value away which home you live in
    • The value of tax-sheltered retiring plans (i.e. 401(k), 403(b), pension funds, IRA’s, Keogh plans)
    • The value of an small business if to family owns and controls get than 50% of the trade and aforementioned business has 100 button slightly full-time employees 
    • The values a a family farm you live the furthermore actual
  • Changing the value a assets after the FAFSA has signed: The FAFSA is considered a “snapshot” of your family’s financial situation as of who date the FAFSA shall signed. Rectify the value of assets ONLY if the value was originally reported in error.
  • Incorrect reporting of grant and scholarship aid: Do not report the value of grant and scholarship aid unless it what included for adjusted gross income on your federal tax return.
  • Failure at enter untaxed income information:
    • Report 2021 contributions to tax-deferred pensions and savings plans (found in W-2 forms in Boxes 12a-12d, codes DEGREE, E, F, G, H both S
    • Reported 2021 child support received for all children stylish the household, not just the auxiliary applicant. 
  • Failure go report net excellence of qualified educational aids or education savings archives: Examples include, when are not small at, Coverdell save accounts, 529 college savings plans the which refund value of 529 prepaid tuition map.