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Tax Returns for 2012 deadline!!

133320133320 Posts: 58Registered User Junior Member
I am filling out some of my college things now and one of the colleges require that I have to submit my parents and my tax returns for 2012 by February 1st. I don't understand how I can do that if tax returns are filed way after February 1st. What do I do?
Post edited by 133320 on
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Replies to: Tax Returns for 2012 deadline!!

  • Iron MaidenIron Maiden Posts: 1,838Registered User Senior Member
    It is totally possible to file by 2/1. I've done it every year oft adult life.

    If your parents have a small business then it may be am issue. But for a joint personal return it is totally reasonable. Do it.
  • happymomof1happymomof1 Posts: 19,372Registered User Senior Member
    Now would be the time to sit your parents down and tell them that this year they can't be filing everything at the last minute. It really, truly is critical for your financial aid application.
  • OHMomof2OHMomof2 Posts: 3,515Registered User Senior Member
    I third that. Feb 1st can be hard because often you have to wait for forms (1099s, W2s) that have Jan 31 mailing deadlines, but as soon as possible after that is advisable no matter what the colleges want.

    If they can get the forms together before the end of January that's best.

    ...and if you slightly misunderstood the message and they mean they want FAFSA filed by Feb 1, that can happen with estimated tax numbers.
  • bschooltotechbschooltotech Posts: 39Registered User Junior Member
    Most colleges only require the forms (FAFSA and Profile) to be filed by the deadline and will wait for the verified tax information. Remember the Financial Aid Office is your best friend. Ask them.
  • CTScoutmomCTScoutmom Posts: 1,315Registered User Senior Member
    They want the FAFSA filed with good estimated numbers by Feb 1st. They cannot require the actual tax return by February 1st, because a significant percentage of people simply cannot file their returns by that date. While employers are required to mail your W2 by 1/31, that does not mean you will have it, or that you will have everything else you need. If you are the beneficiary of a trust, you have to wait for the K1 from the trust, which can only be sent after the trust files a tax return for the year. The same applies for any number of tax documents which are not required to be in your hands by January 31.

    If parents have their own business, they may be more likely to be able to file early, as their return will be based on their business records.

    Have your parents make a list of all the documents they expect, and keep a folder with final annual statements. They can construct the information they need for the FAFSA, and get a jump start on their taxes. If they use an accountant or a tax preparer, have them set up an initial meeting to go over the paperwork, and get a sense of what their return will look like. Once it is filed, the FAFSA can be updated to reflect those final numbers.
  • 133320133320 Posts: 58Registered User Junior Member
    No they want the copy of the 2012 tax returns. I checked on their website.
  • notrichenoughnotrichenough Posts: 5,527Registered User Senior Member
    You can always file with the best information you have, and then file an amended return later.

    This year will be really tough to file by 2/1, because so much is in flux due to the impending fiscal cliff. The IRS may not even have correct, up-to-date forms available by 2/1.
    No they want the copy of the 2012 tax returns. I checked on their website.
    If your parents can't get it together by 2/1 for whatever reason, you should contact the school. Just because it says something on the web site doesn't mean it is etched in stone.
  • CTScoutmomCTScoutmom Posts: 1,315Registered User Senior Member
    They can want the tax returns, but that does not mean they can actually require them. Some people cannot file their return by that date, even if they only have W2 income, because employers are only required the mail the forms by January 31, which means they don't have to be in your hand by that date. There are plenty of other tax documents that may or may not arrive in time to file by February 1st.

    You send them the best available estimate by February 1st, and send a true copy of the tax return once it is filed. The financial aid office is fully aware that some cannot file by that date. If this makes you uncomfortable, contact them by phone and speak directly with someone in the financial aid office. They will be able to help you more than anyone here.
  • thumper1thumper1 Posts: 36,906Registered User Senior Member
    A couple of things.

    1. Any financial aid award you receive based on estimates will be ESTIMATED financial aid. Your school will not finalize your need based award until you file your taxes AND amend your FAFSA and Profile to reflect the 2012 tax information. And YES your aid award could be reduced if your income ends up being higher than your estimate.

    2. If you finalize your 2012 tax info late AND are selected for verification...this could very much slow down your actual award. Colleges where verification is required will not finalize OR disburse your financial aid until all verification information is received. Every year there are posts here from students who are ready to start classes but don't have their financial aid due to delayed processing because of this.

    This is NOT the year to do your taxes at the 11th hour.
  • OHMomof2OHMomof2 Posts: 3,515Registered User Senior Member
    Whatever happens with possible changes to various tax rates, college tax credits, capital gains rates and whatever else comprises the "fiscal cliff" won't affect 2012 tax filing, I don't think. Nothing expires until January as I understand it.
  • notrichenoughnotrichenough Posts: 5,527Registered User Senior Member
    If lawmakers fail to protect the middle class from having to pay the Alternative Minimum Tax by Dec. 31, next year's tax filing season will be a mess for tens of millions of taxpayers.

    ...

    The IRS would need to tell more than 60 million taxpayers that they may not file their 2012 tax returns or receive a refund until the IRS makes changes to its systems. That may mean taxpayers couldn't file until late March, Miller said.

    AMT: Biggest fiscal cliff tax headache - Nov. 13, 2012

    Patching AMT, while broadly supported by both parties, is at the mercy of the other negotiations going on around the fiscal cliff.
  • annasdadannasdad Posts: 4,825Registered User Senior Member
    That must be a misunderstanding. As others have pointed out, there are many reasons why many people simply cannot file their taxes by 2/1.

    But as others have also pointed out, it is to your advantage to get your taxes filed as soon as you possibly can.

    Also be aware that if you owe the IRS money, it may take until late April to be able to get a transcript of your return or to do a FAFSA uplink, and this can delay finalization of your FA award. If your parents anticipated owing taxes, they should consider making an estimated payment by January 15.
  • OHMomof2OHMomof2 Posts: 3,515Registered User Senior Member
    notrichenough, I had no idea congress didn't extend the AMT changes for 2012 and the IRS opted not to change their software to account for that but apparently they didn't. What a mess that will be if that isn't dealt with..

    AMT issue could slow tax filings | The Columbus Dispatch
  • notrichenoughnotrichenough Posts: 5,527Registered User Senior Member
    Also be aware that if you owe the IRS money, it may take until late April to be able to get a transcript of your return or to do a FAFSA uplink, and this can delay finalization of your FA award.
    IIRC, the problem last year was that many people who owed money specified that the money shouldn't be paid until mid-April (or didn't file until mid-April), because no one knew that verification couldn't happen until the taxes had been paid and the IRS finished processing your return.

    Once the date to pay was scheduled, it could not be changed. So a lot of people who filed in February couldn't verify until mid-to-late April.

    The takeaway is, if you owe money, file as early as you can and pay immediately.
  • dodgersmomdodgersmom Posts: 5,960Registered User Senior Member
    What happens if money is still owed - in other words, if a taxpayer isn't able to pay the full amount due by April 15?
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