yeslittlealexyes

Hello, I have a question about what seems to be a rare problem when it comes to applying for financial aid. My parents have an issue regarding their tax returns. It says that the deadline for 2008 tax returns is in april, but my dad always files for an extension, and I mean ALWAYS (which he always gets). It's really annoying, what should I do? Some people have told me to send in the form showing a request for an extension (that's what NYU wants), but most schools don't really mention it on their website or in their literature. It's really worrying me, because I know we would qualify for pretty good financial aid, but I'm afraid my file will be overlooked because of this. Any help/suggestions would be appreciated. Thanks.

sblake7

First, meet your school's deadline for filing the FAFSA or Profile. You'll have to estimate income and tax info -- that's commonly done-- you can use the '07 tax numbers if '08 will be similar. Use actual asset info on the date you file. Then correct them later.

If your school is asking for signed tax returns in April, you'll need to make clear to your parents that your only hope of getting need-based aid is if they complete their taxes by the April 15 deadline. Argue it this way-- the government and the school have free money available to support your education. But to get it, they've got to get their taxes done before the school's deadline for submitting the tax returns.

thumper1

>>It says that the deadline for 2008 tax returns is in april, but my dad always files for an extension, and I mean ALWAYS >>

This is NOT the year to ask for that extension. If you don't finalize your FAFSA and Profile (if the school requires profile) all you will have is an estimated finaid award. Do you NEED financial aid?? If so, please explain this to your dad. File the forms using GOOD estimates ASAP. Then explain to your dad that this year...it is important to get his taxes done ASAP as well...IF you expect to get financial aid finalized.

You can contact the college(s)...I'm sure you are not the first one with a self employed parent who asks for extensions. Ask them what to do. If they say FILE SOON..have your dad call so he can hear the same info. If they say it's ok...then it's ok.

NikkiiL

Federal regulations prohibit a school from issuing any type of federal funding until the stuent and/or parent has submitted the actual tax return. Therefore, if you father remains adamant about filing an extension this year, you will need to rely on alternative sources of funding to cover your fall tuition. The extension request form is not sufficient to issue the aid.

On that note, however, a school may be willing to delay receipt of your financial aid pending the completion of your parents return. IOW, they may let you attend fall classes with a balance due until the time that your parent's return is completed and then they'll request the funding to be sent to teh school. This is not customary, so you may find that some schools are unwilling to work with you on this.