Use your 2023 tax return for the 2024–25 FAFSA

The FAFSA for the 2024–25 school year asks about income from your 2023 tax year. That means the tax return you filed in early 2024 — the one covering January 1 through December 31, 2023. Do not use your 2024 tax return, even if you have already filed it.

The federal government sets this timing so schools have a consistent snapshot of family finances. Your 2023 return is the most recent complete tax year available when the FAFSA opens in October 2024.

If you have not yet filed your 2023 tax return, you can still submit the FAFSA. You will enter your best estimate of 2023 income based on pay stubs, W-2 forms, or other records. Once you file your actual return, you can update the FAFSA with the real numbers through your school's financial aid office.

Key Takeaways

  • The 2024–25 FAFSA uses income information from your 2023 tax return, filed in early 2024.
  • If you have not filed your 2023 return yet, estimate your income using recent pay stubs or W-2 forms and update it later.
  • You will need your actual tax return document or IRS tax transcript to answer FAFSA income questions accurately.
  • If you filed taxes jointly with a spouse, both of you may need to provide information depending on your household situation.
  • Self-employed filers should have their Schedule C and Schedule SE ready, as these show business income and self-employment tax.

What documents you need from your 2023 tax return

Gather your complete 2023 tax return package before you start the FAFSA. This includes the main Form 1040, any schedules you filed (such as Schedule C for self-employment income or Schedule D for capital gains), and any worksheets you completed. If you filed electronically and do not have a printed copy, you can download it from the IRS website or request an IRS tax transcript.

The FAFSA will ask for specific line items: your adjusted gross income (AGI), income tax paid, and untaxed income such as contributions to retirement accounts or tax-exempt interest. These numbers come directly from your return. Having the document in front of you prevents errors that can delay financial aid processing.

If you filed jointly with a spouse, you will need both names and Social Security numbers from the return. The FAFSA treats married students and dependent students differently, so make sure you know your filing status on that 2023 return.

If you have not filed your 2023 tax return yet

You do not have to wait to file your tax return before submitting the FAFSA. Schools need the FAFSA submitted by their own deadlines, which often fall in January or February. You can submit the FAFSA with estimated 2023 income and update it later.

To estimate, use your most recent pay stubs from 2023, your W-2 forms (which employers send by January 31), or records of self-employment income. Write down the gross income figure — the total before taxes and deductions. This gives you a reasonable estimate to enter on the FAFSA.

Once you file your actual 2023 tax return, contact your school's financial aid office and let them know your real income figures have changed. Many schools allow you to submit an updated FAFSA or a corrected form. The sooner you provide the actual numbers, the sooner they can finalize your aid package.

Self-employed income and Schedule C

If you or your parents are self-employed, your 2023 tax return includes a Schedule C (Profit or Loss from Business) and Schedule SE (Self-Employment Tax). The FAFSA will ask for your net business income — the profit after expenses — which comes from Schedule C, line 31.

You will also report self-employment tax paid, which appears on Schedule SE. Have both schedules ready and double-check the numbers before entering them on the FAFSA. Self-employment income can be more complex than W-2 wages, so errors here are common and can affect your aid amount.

If your business had a loss in 2023, that also goes on the FAFSA. A loss reduces your reported income and may increase your financial aid.

Correcting or updating your FAFSA after you file taxes

If the numbers on your FAFSA do not match your actual 2023 tax return once you file it, you will need to correct the FAFSA. Log back into your FAFSA account using your FSA ID and update the income fields with your real figures. Save and submit the corrected FAFSA.

Your school's financial aid office will see the updated information. They may recalculate your aid based on the corrected numbers. If your actual income is lower than your estimate, your aid may increase. If it is higher, your aid may decrease.

Do this as soon as possible after filing your return. Schools process corrections on a rolling basis, and the sooner they have accurate information, the sooner they can finalize your aid package for the school year.

What if your income changed significantly in 2024

The FAFSA for 2024–25 is based on 2023 income, not 2024 income. If your family's financial situation changed dramatically between 2023 and 2024 — such as a job loss, major illness, or significant income increase — you cannot change your FAFSA based on that alone.

However, your school's financial aid office can review your situation through a process called a professional judgment review or special circumstances appeal. Contact them directly with documentation of the change (such as a termination letter, medical bills, or recent pay stubs). They have the authority to adjust your aid if they determine the change is significant and permanent.

This is separate from the FAFSA itself. The FAFSA stays based on 2023 income, but your school can override the calculated aid amount if circumstances warrant it.

Frequently Asked Questions

Do I need to submit my actual tax return with the FAFSA?

No. You enter the numbers from your return into the FAFSA form itself. You do not upload or mail the return. However, your school may request a copy later to verify the information you reported, so keep it available.

What if I am a dependent student and my parents filed taxes jointly?

Use the joint return. The FAFSA will ask for your parents' combined income and tax information from that return. You will need both parents' names and Social Security numbers from the return.

Can I use my 2024 tax return instead if I have already filed it?

No. The 2024–25 FAFSA specifically asks for 2023 income. Using 2024 figures would be incorrect and could delay your financial aid. Stick with your 2023 return.

What if I did not file a tax return in 2023?

You still need to report your 2023 income on the FAFSA. Gather W-2 forms, 1099 forms, or other income records from 2023 and enter that income. Your school may ask you to file a 2023 return retroactively or provide documentation of why you did not file.

Do I need to report income from a 1099 form on the FAFSA?

Yes. Any income reported on a 1099 form — whether you filed a tax return or not — should be reported on the FAFSA. This includes freelance work, contract work, and other self-employment income. Report the gross amount before any expenses or taxes.