what year taxes do i need for fafsa 2025-26

2 min read 09-12-2024

what year taxes do i need for fafsa 2025-26

The Free Application for Federal Student Aid (FAFSA) is your gateway to federal student financial aid. To complete the FAFSA for the 2025-2026 academic year, you'll need your tax information. But which year's taxes? This is a common question, and the answer is straightforward: You'll need your 2023 tax information.

Understanding the FAFSA Tax Year Requirement

The FAFSA uses your tax information to calculate your Expected Family Contribution (EFC). This EFC helps determine your eligibility for federal grants, loans, and work-study. The FAFSA generally uses the tax information from two years prior to the academic year you're applying for.

Therefore, for the 2025-2026 academic year, you will use your 2023 tax return information. This applies to both your parents' and your own taxes if you are a dependent student.

What Tax Documents Will You Need?

Gather these documents before you start your FAFSA application:

IRS Tax Return Transcript: This is generally preferred over a copy of your tax return. You can obtain it online through the IRS Data Retrieval Tool (IRS DRT) which is integrated directly into the FAFSA. This method is the fastest and most accurate way to transfer the data.
W-2 Forms: If you didn't use the IRS DRT, you'll need your W-2 forms to verify your income.
Other relevant tax documents: Depending on your specific financial situation, you may need additional documentation, such as records of untaxed income or documentation of self-employment income.

Independent vs. Dependent Student Status

Your tax information needs may vary slightly depending on whether you're considered an independent or dependent student.

Dependent Students

Dependent students typically need to provide their parents' tax information along with their own. The IRS DRT makes this much easier. Again, for the 2025-2026 FAFSA, you'll use your parents' 2023 tax information.

Independent Students

If you are an independent student, you only need to provide your own tax information. For 2025-2026, that means your 2023 tax return.

Frequently Asked Questions (FAQs)

What if my parents are divorced or separated?

The FAFSA instructions provide specific guidance for students from divorced or separated families. Generally, you'll need the tax information from the parent who provided the most financial support in the tax year.

What if my tax information isn't finalized yet?

The IRS DRT usually becomes available in early January. If your tax information isn't available, you may still be able to complete the FAFSA. Estimate if necessary, you can amend your FAFSA if needed after you receive your tax documents.

What if I made mistakes on my tax return?

If you discover errors on your tax return, correct them immediately and use the corrected information when you complete your FAFSA.

Completing Your FAFSA for 2025-2026

Remember, starting your FAFSA early is always recommended. This gives you time to gather your tax documents and avoid last-minute rush. Don't wait until the deadline to apply! Gather your 2023 tax information and get started!

Disclaimer: This article provides general information and should not be considered professional financial or legal advice. Always consult the official FAFSA website for the most current and accurate information.