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Federal law mandates that you must receive all of your W-2 forms by January 31. Even assuming that you actually have all the documents you need by the then, it would still be almost impossible to get your taxes and your financial aid forms filled out by the January deadlines favored by many schools.
Regardless of what anyone says, do not miss the financial aid form filing deadline just because your taxes aren't completed. It is a perfectly accepted practice for you to estimate your earnings on the financial aid forms. The colleges know their deadlines are too early for most people to have completed their taxes. You will have the opportunity to revise your estimates later if you were wrong.
If your estimates are going to be wrong, err in your own favor. Slightly underestimate income and slightly overestimate expenses in order to come up with a slightly lower EFC. It is always easier to let them take away aid than it is to get them to give you more. However, you should not pull your estimate out of thin air. Most colleges will want you to send them revised figures as soon as possible. You will receive instructions for revising your numbers, if that is necessary.
To estimate, you will need a blank copy of this year's tax form and all of the records that you would use to fill out your taxes. In essence, you will be doing a rough version of your taxes as you fill out the need analysis form. It is extremely helpful to have a copy of last year's tax return available as well so that you can use it as a checklist. Most people's financial situations don't change that radically from one year to the next. For example, if your stock portfolio has remained basically the same, this year's dividend income should roughly coincide with last year's figure. If your situation has changed, it will be a reminder to call your broker for a statement of your dividend income if it hasn't arrived yet.
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