October 2017: Tax Filing Reminders and How to Ace the FAFSA

October 2017 tax reminders and news

October 2017 Tax Filing Reminders

October 16

  • Filing deadline for 2016 tax returns for individuals or corporations if you requested/received a six-month extension. Pay taxes due by this date.
  • Deadline to recharacterize a Roth IRA to a Traditional IRA.
  • Deadline to fund your Keogh or SEP plans if you requested a filing extension.

How to Ace the FAFSA

The Free Application for Federal Student Aid (FAFSA) is a tool that students use to apply for more than $120 billion in federal funds. Unfortunately, each year many students miss out.

In addition, even if you don’t think you or your child qualify for federal aid, filling out a FAFSA is important because it could be used to determine eligibility for nonfederal aid and private funds.

FAFSA available October 1, 2017

Previously, the FAFSA was unavailable until January. A recent change makes the application available October 1, 2017. That’s because the 2018-19 FAFSA can be completed with your 2016 tax info.

Avoid FAFSA mistakes
Don’t forgo federal student aid by making one of the following common filing mistakes:

Mistake: Not reading the instructions or questions
Tip: Answer all questions – even if the answer is zero. If left blank, the question will be considered unanswered. Check the FAFSA website if you are unsure of definitions of key FAFSA terms.

Mistake: Incorrect, incomplete or non-matching data
Tip: Complete the FAFSA online. It takes only 3-5 days to process when submitted electronically. In addition, the online version has built-in safeguards that identify and prevent many errors.

Mistake: Not filing on time
Tip: Get the application submitted ASAP. The sooner you or your child gets started, the higher the likelihood of being awarded funds since many are distributed on a first-come, first-served basis.

Remember, students need to complete a FAFSA each year because eligibility does not carry over and can vary based on circumstances.

Takeaway

Finally, if you have any questions about the October 2017 tax filing deadlines or the FAFSA, please give us a call.

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