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How long does it take for the IRS to process 1040s after E-Filing them?

JuvenisJuvenis Posts: 808Registered User Member
My dad is almost finished filing his taxes, but it's so frustrating because I told him to do this last month yet he procrastinated. Some of my schools' deadlines are March 1, which is 3 days from now!

So how long will it take to access the tax information so I could finally use IDOC and update my FAFSA?
Post edited by Juvenis on

Replies to: How long does it take for the IRS to process 1040s after E-Filing them?

  • CTScoutmomCTScoutmom Posts: 1,315Registered User Senior Member
    What so many of you students don't understand is that your parents are not procrastinating. The procrastinators don't file until April, or more often, file extensions and then don't file their taxes until October. I know this, because I do their taxes for a living.

    This year is even worse - because not only are you pushing parents who are used to filing in March to file earlier (many of whom have to push other people to get information to them so the CAN file earlier), but because the IRS has experienced many delays.

    You telling you parents to file early doesn't make it any more possible, if they are waiting for necessary tax forms. If they own a business or rental property, and claim depreciation, they CAN'T file their taxes yet. And don't ask them not to claim the depreciation. While doing so will make it easier to file their taxes, their taxes will be higher, and it will cause them to lose money in the end.

    If you parents use an accountant or a CPA, they might not be high on that person's list of priorities - particularly of those higher on the list of priorities are those that send 1099's and other tax forms to people like your parents. If you parents bug the CPA too much, he's likely to tell them to go somewhere else if they need it "yesterday." That means going to someone who is unfamiliar with their situation, who is going to take longer to complete the taxes, and is more likely to make mistakes.

    Believe me when I say that your parents understand your frustration. In most cases, they are going to be the ones figuring out how to pay your college bills. It is in their best interest to help you get the best aid possible, so you don't end up in their basement 4 years from now, because you can't afford an apartment after you make your loan payments. The more you rush things, the more likely there will be a mistake. And mistakes require amendments, which aren't likely to be processed by the IRS until this summer - and can result in your aid being changed at the last minute.
  • woodswomanwoodswoman Posts: 59Registered User Junior Member
    I e-filed on Feb 22, they were accepted same day, I didn't owe any $ and they were ready to transfer on the 27th.
  • GCmom415GCmom415 Posts: 671Registered User Member
    I was just ABLE to file last week. Now I have to wait to go into the FASFA. I'll wait a week and check. As long as you met the deadline with an estimate I think your ok. Upload the info as soon as you can.
  • momofthreeboysmomofthreeboys Posts: 11,695Registered User Senior Member
    My taxes are finished...have been for a month...in a queue....waiting for the IRS to finalize some tax forms. FAFSA is filed with the information on my tax return. Copies of signed tax returns are sent to the one college that asked for them at this point. However, I will not be able to go in and use the FAFSA retrieval tool to "verify" anything until most likely the end of March or first of April. OP there are many situations this year that are simply out of the hands of the parents. When your dad is finished and can print the forms, update the FAFSA, send copies of signed tax returns to IDOC and do it as soon as you can. You can do both of those things without the retrieval tool or the need of a tax receipt. Keep your colleges updated on the situation. There is nothing more you can do.
  • JuvenisJuvenis Posts: 808Registered User Member
    Thanks. I'm not trying to sound like an uptight slavedriver for my dad, but I heard that FA usually comes on a first-come, first-serve basis. Add the pressure of a short time frame of 1 month to commit to a college should I get accepted and I have one antsy self, especially since FA will be a deal-breaker when deciding on where to go.

    @CTScoutmom:
    You telling you parents to file early doesn't make it any more possible, if they are waiting for necessary tax forms. If they own a business or rental property, and claim depreciation, they CAN'T file their taxes yet.

    We own neither of those.
    If you parents use an accountant or a CPA, they might not be high on that person's list of priorities - particularly of those higher on the list of priorities are those that send 1099's and other tax forms to people like your parents

    I don't know if this helps, but my dad is a CPA, so maybe he's got a lot of things to do for other people, but when I reminded him yesterday to file his taxes, he seemed very nonchalant about it and I don't think he understands the tight situation I'm in. His lack of urgency is mostly what ticks me off
  • CTScoutmomCTScoutmom Posts: 1,315Registered User Senior Member
    Juvenis, I was just giving one example of something that can't be filed yet. There are many forms that are not available yet, plus there may be paperwork he is waiting on.

    If he is a CPA, and files taxes from many of his clients, this may be the busiest time of year for him. I'm sure he understands the tight situation, but his seeming nonchalance may be a way of not blowing up at you. This year is a very difficult year for tax preparers - not because of changes to the tax law (there really weren't that many), but the delayed caused by Congress waiting until January 2nd to extend certain tax cuts, as well as changes in many states.

    Your father is likely dealing with many clients who are anxious about when they will be getting their refunds - remember, with delayed tax filing comes delayed refunds, which some people rely on in their budgets. Add to that delays at the IRS for forms that were not programmed correctly. We were informed yesterday that their computers didn't download parts of the education credit form correctly for some taxpayers, and they will send letters to them to ask for the necessary information. If they don't respond promptly, their refunds could be delayed up to 2 months. If my D was pushing me to do our taxes, I could very easily blow up at her.

    You say dad is a CPA - he could easily have business equipment that he depreciates, if he is in business for himself (computer, printer...). As long as the FAFSA is done with estimates, you are considered on time. Many other students are in the same situation as you, so this will not put you at the back of the line for aid. Yes, you will have a limited time to make your decision, and it might be shortened a bit waiting for aid packages, but you can prepare for that by deciding ahead of time how much each school is "worth." It's probably a good idea to do that anyway, so you don't find yourself quibbling over the details, and thinking "well, it's just another $1000."
  • JuvenisJuvenis Posts: 808Registered User Member
    Thanks. I'll try to calm down, but with the IDOC deadline 3 days away I hope things will turn out okay
  • WaitingInCPAWaitingInCPA Posts: 83Registered User Junior Member
    Juvenis...Your dad doesn't have to FILE his taxes to submit the FAFSA. I filed our FAFSA on January 4th using the data from our 2011 taxes--figuring our 2012 data would be similar. I was able to e-file our 2012 taxes about a week ago, and then submitted a FAFSA correction with the actual 2012 numbers. In a few days I will check to see if I can use the IRS Transfer tool and submit another FAFSA correction--although nothing will actually change this time.

    Can you politely asked your father if he can handle the FAFSA in a similar way? That way you meet the 3/1 "deadline" a lot of schools use for filing.
  • JuvenisJuvenis Posts: 808Registered User Member
    I got the FAFSA and CSS Profile down using 2011 figures. I just need the 2012 figures for the IDOC and IRS tool
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