Financial aid is awarded on a first-come first-serve basis, so aim to submit your paperwork as close to the Jan. 1 deadline as possible. Although itâ€™s easier, you donâ€™t have to wait until youâ€™ve filled out your income taxes. â€œItâ€™s important to fill out the FAFSA even if your taxes arenâ€™t completed,â€ says Weston. File now, but make any adjustments on the Student Aid Report (SAR) or directly with your accepted institutionâ€™s financial aid office.
After January 31, students or parents are able to upload their Internal Revenue Service tax data into the document.