Why do I have to submit my 2018 tax and income information on my 2020–21 FAFSA® form?
The 2020–21 Free Application for Federal Student Aid (FAFSA®) form asks for 2018 income and tax information.
This is advantageous for most students and their families because it
- allows for immediate use of the Internal Revenue Service Data Retrieval Tool to transfer financial information for eligible applicants,
- eliminates estimating income and tax information before taxes are filed,
- reduces the need to come back and update a FAFSA form after filing taxes, and
- enables submitting a FAFSA form as early as October of the year before attending school.
If your 2018 financial situation no longer reflects your current situation, speak with the financial aid office of the school that you plan to attend after submitting your FAFSA form.