FAFSA - Change in Calculation from Year to Year

To allow families in need of financial aid to complete their FAFSA sooner, the financial information from the previous year's return is used. For the 2020-21 academic year, students and their families will use their financial information from the 2019 tax return to complete the FAFSA.

In TaxAct, if you import your 2019 return to your 2020 return, this information will be imported into your FAFSA Tax Summary Worksheet.

To access the College Student Financial Aid Report (the worksheet with the tax information needed to fill out the FAFSA online application)in TaxAct:

  1. From within your TaxAct return (Online or Desktop), click Review to expand, then click College Student Financial Aid. On smaller devices, click in the upper left-hand corner, then click Review.
  2. Click Yes, let's get started to complete the FAFSA Tax Summary Worksheet, then proceed with the interview questions to enter or review the appropriate information.
  3. On the screen titled FAFSA Interview Complete, click Print report to generate a paper copy of the FAFSA Summary Report or click Continue.

The FAFSA online application can be completed with the information you have in the printed report from TaxAct. For specific questions regarding FAFSA, call the Federal Student Aid Information Center at 1-800-433-3243.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.