I have done this in previous years.However, last year when my daughter started college,I ran into some problems because my W-2's didnt match what I claimed I made on the Fafsa.Do you use the year to date income or the fit taxable income?
2007-01-07 09:54:01 · 6 answers · asked by adimeandchange 1 in Business & Finance ➔ Taxes ➔ United States
You don't have to have your taxes filed in order to fill out the FAFSA. You can check off the option 'will file' and it shouldn't be a problem with your daughter's school. You really should wait until you get your w2's to file your taxes. But some tax companies will extend you a loan based on your last check stub and when you bring your w2 to actually file, they adjust your info in their computer and send it off to the irs.
2007-01-07 10:59:15 · answer #1 · answered by Smart1 3 · 1⤊ 0⤋
I started working for H&R Block last year, and our #1 rule of thumb was to never use last pay stubs, because in the long run, it was trouble, there was a car lot that used them to pay down payments and he lost his ein# and had to move locations and pay fines 3 times for doing this, although at first you may do it and some may allow you to do this, it is never a good idea, because eventually you will owe money back because the amounts will hardly ever match, that is the way they get you!!
2007-01-07 18:00:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There's no problem filing before you get your W-2's, since your last paycheck should have your ytd information, but your refund won't come any sooner.
Your ytd information should match your W-2, and the only reason why it wouldn't is if your employer made some corrections to payroll between the last paycheck and issuing tax statements.
There's also no problem with your FAFSA not matching your W-2 (unless your W-2 is higher--then you have some 'splainin to do!)
2007-01-07 18:02:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The government realizes that everyone's tax cannot be 100% correct. The difference between what your last pay stub shows and what the w-2 will show should be minuscule.
2007-01-07 17:59:53 · answer #4 · answered by Joe Schmo from Kokomo 6 · 0⤊ 0⤋
If you have pre-tax deductions such as a 401(k), a health savings account, etc. (as you found out last year) this strategy no-worky because you're last paystub won't match your W2. However you can alwasy file a 1040x when your W2 shows up.
2007-01-07 17:58:16 · answer #5 · answered by Goofy Foot 5 · 0⤊ 1⤋
Go to H & R Block in person. Sounds a little complex to me.
HANK (Josh)
2007-01-07 17:57:32 · answer #6 · answered by Josh Logan 2 · 0⤊ 3⤋