A college wants me to mail tax returns and these documents are like 70 pages… do they really want all that? They also want me to put the id # they gave me on each page, isn’t that a bit excessive? I feel like I’m wrong here and I’m sending too much…
If the federal form was filed to the IRS, it should go to the college unless they specify otherwise. If there are worksheets that didn’t go to the IRS, those don’t have to be included. It will likely be a lot of pages if your finances are complex.
What is in your 70 pages? If it is your actual tax return, plus all,schedules, then yes…you need to send it all.
Ask the college if they accept the tax transcript or not. The IRS tax transcript should be a lot less pages.
Seems like a very complex one… Lots of people just have one page 1040EZ or just a few pages of 1040 or 1040A.
I’m curious about the tax return of someone who qualifies for aid and yet is 70 pages long. Lots of assets (each with its own 1099) but not worth much? A business or two? A trust with a low valuation but enough income to generate a K-1???
OP- keep us posted.
People can have complex, itemized returns that generates lots of pages.
JYM- I realize that. But typically the longer returns suggest higher incomes. Just curious.
Perhaps they have a business that is not a separate LLC or something, and the business runs at a loss. Investments might have done poorly this year. More complex isn’t necessarily higher income. It could be, but might not. Capital gains and losses, lots of schedules to complete.
I’m with Blossom. Even if the business is losing money on paper, it might not be for financial aid purposes. And the value of the business is an asset even if the business itself is losing money. If there is property involved,that would add additional value, even if the business itself is “losing” money.
Is this for Boston College? Did you get accepted Early Action? If so, that is why they want your taxes now. If so, reports on this forum indicate that self employed, and business owners have a LOT of deductions added back as income in the BC formula.
This is the problem with the current tax code. I have a pretty simple tax situation (one W-2 and one rental house) and my tax return clocked in at 66 pages last year. I wish the pols could get together on this and simplify the filing of our taxes.
I wasn’t making any reference as to whether the business was or was not profitable (but they certainly can really lose money, not just “lose” money, but commenting on, as Jay1811 clearly exemplifies, that its not that hard to have a tax return that kills a lot of real or electronic trees.
Re #11
How many of the 66 pages related to the rental house?