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Usually if you fill out the FAFSA with estimates, then file your return, your FAFSA will just be flagged to get further documentation. Which means eventually, you will have to send a copy of your signed tax return to the financial aid office. If the your estimate and your tax return weren't too far off, you usually don't have any problems, even small differences weren't too bad.

A major difference like $5K in income you missed reporting might lead to you getting a recalculated EFC, but you would at least be starting with an aid package that gets reduced. It's rare that you would completely overestimate your income to the point that you miss out on money.

It's not that big a deal to wait at most colleges, but in some schools, discretionary institutional grant money goes FAST and the earlier applicants can get better aid packages.

I used to fill out my FAFSA estimates by using my last pay stub of the year to fill out the tax form so I could get it in early, then when I did file my tax return, I kept a copy to give to the financial aid office.

Ask your school if they give out institutional money on top of the federal pell grant and any state grant, and if that money is first come first served.
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