How do I update my FAFSA now that my income taxes have been filed?

Question:

I filed my FAFSA using an estimate of my income and taxes. Do I need to do anything now that I’ve filed by federal income tax return?

Answer:

Yes. The income and tax questions on the FAFSA (Free Application for Federal Student Aid) must be updated after the student and parents file their federal income tax returns. If the student and parents checked the "will file" answer to the tax return question on the FAFSA, the U.S. Department of Education will email them a reminder to update the FAFSA if they provided email addresses on the form.

The student and parents might be able to use the IRS Data Retrieval Tool (IRS DRT) to transfer information from their federal income tax returns to the FAFSA. Not only will this save time, but it also reduces the likelihood than the student’s FAFSA will be selected for verification. The IRS Data Retrieval Tool may be used a few weeks after filing the federal income tax return electronically and 6-8 weeks after filing a paper version of the federal income tax return.