2010 Tax Returns Help

<p>I know lots of schools have like Feb 15 as the deadline to fill out all the FA stuff (including FAFSA, CSS, and 2010 Tax Returns)</p>

<p>My question is: What if my parents will not have the 2010 tax returns by Feb 15? I know that Federal Deadline is later. So if I want to apply for FA, do my parents absolutely HAVE to have the 2010 Tax Returns in by Feb 15?</p>

<p>I would like to know this as well. Do school’s FAFSA deadlines just mean a FAFSA with estimated information is due or do they want the accurate tax info by that date?</p>

<p>Also, how do our parents send the Tax Returns? Is it through the IDOC? Can someone please explain the process to me? Thanks.</p>

<p>There are several current threads asking similar questions, please search them out for further discussion. Here are the basics:</p>

<p>Yes, definitely file by the deadlines! This is a placeholder for you to get $$, your FA package will be provisional and dependent on your final numbers, but you want to hold you spot because most schools have limited FA to give. </p>

<p>Use 2010 tax estimates; base them on your 2009 returns if appropriate. For FAFSA, you use the “will file” designation now, and later when you have the final tax data, you will update and resend with “taxes completed” designation. With Profile, you cannot update electronically, so you will need to check with each school to find out how to submit corrections; many will have you send a hard copy with the changes indicated.</p>

<p>You need to read each college’s website to see what you have to send, some will ask for only FAFSA, others for FAFSA and Profile, some have their own forms, some want you to send tax forms directly to them, others through IDOC.</p>

<p>So as I understand it, the IDOC will contact me for the colleges that want me to submit the IDOC? Or is it something I need to initiate myself?</p>

<p>And also, I just want to clarify what you are saying about 2010 Tax Returns. For the schools that require that we send 2010 tax returns, I should just tell my parents to fill out the Federal Tax forms with estimates based off of 2009? </p>

<p>My parents don’t have to file this “estimated” version to the government right?</p>

<p>Yes, IDOC should contact you in Feb, for instance, this is what it says in one of my D2s schools that wants tax forms sent via IDOC:</p>





<p>Yes, the approach I took was to get TurboTax and fill in the numbers using either amounts that I knew to be correct for 2010 (eg. your parents likely have monthly reports of their salary, amount paid for their mortgage, etc.) and for the rest I estimated from my 2009 return. Based on these preliminary tax numbers (2010 AGI, taxes paid, etc.), I filled out FAFSA and Profile and sent them in; but I did NOT file my taxes.</p>

<p>Now that I have received all of my paperwork I will correct the numbers in TurboTax, file my taxes, make corrections to FAFSA, and file it as “taxes completed”. I will also see how the Profile schools want me to deal with corrections.</p>

<p>p.s. tell your parents that these early deadlines are just for fr, subsequent years will be much easier!</p>

<p>Thank you for letting me know other years won’t be this hectic…I am waiting on my taxes from the accountant, and I have till midnite to file the Fafsa and profile for one of the schools. I am stressed to say the least!</p>

<p>You will only hear about IDOC if your school USES IDOC. Most do not. I’m not sure of this, but I believe only some of the schools requiring the PROFILE use IDOC. If the school uses IDOC you will get instructions regarding what to submit and how to do so.</p>

<p>BUT…do check EACH school’s website. Some schools want the tax returns sent directly to them…and there is a deadline for that too.</p>

<p>Entomom already gave you the info about “will file” filing of the FAFSA…and Profile.</p>

<p>There are other threads on this issue, but I wanted to reply to this one also. I recommend that you contact each of your colleges’ financial aid offices and find out what they want you to do. The colleges I have checked with have either wanted a draft of our 2010 1040, or have agreed to wait until it can be filed. Our accountant prepared a draft of our return with a “Draft” watermark and an explanatory letter, which I have FedExed to the colleges wanting that. Ourr accountant believes that the IRS-approved filing date will be 2/14, which will too late to get the filed tax return to IDOC and to our colleges by their 2/15 deadline. If this is the case, I will be sending our draft to IDOC, and will advise each college that we will send them the final when filed.</p>

<p>I would also like to urge posters to check with individual colleges to see what they want. It is generally understood that a Feb. 1 deadline means estimated numbers but my daughter’s school requires the real deal complete and received by March 1 - including any verification paperwork they ask for.</p>