Still waiting on 1099's! Tax return delay

<p>Am I the only one still waiting for tax documents? Charles Schwab won't have account 1099's available until "mid February". Everything has come to a standstill until these documents are available. Then it will be another wait while the tax preparer works on the return. In the mean time we have colleges contacting us reminding us that we need to supply this information. I know the deadline is April 15, but I worry we are behind the curve in getting this information submitted.</p>

<p>Yes, this has been an issue since the Emergency Economic Stabilization Act of 2008 changed the IRS reporting deadline for brokerages to February 15. One of our brokerage accounts hasn't even promised it by February 15, since "The IRS lets us do this because one of the securities you sold is likely to make updates that would force us to send you a new form."</p>

<p>Unfortunately no other deadlines, for filing things like tax returns or financial aid forms, have changed.</p>

<p>Interesting, I guess it is a universal trait of mankind to wait until an enforced deadline to complete a task. I could have tracked the information myself, but didn't realize how important the finished tax return would be this early in the financial aid process.</p>

<p>You don't have to wait; you can submit FAFSA before the tax returns are done. Use the most accurate estimates you can come up with, and when it asks if you've filed yet, just select "Will file." Once the returns are done (as soon as possible -- don't wait till April 15!), you go back in, make any changes per the return, and select "Have filed."</p>

<p>Some 1099s are not required to be mailed until February 15. That means they may not arrive at your home until after February 15.
You say colleges are asking for your taxes. If you really mean that they are asking for your FAFSA, you should file your FAFSA now with estimates. Don't worry, that's how the FAFSA works.
Be sure colleges are reminding you of a deadline of April 15 and not another date. Some colleges require FAFSA before April 15 -- even with just estimates in it -- in order to award certain aid. Also, because you wrote April 15 instead of the actual tax date this year of April 17, I worry you may be confusing what colleges need and when. I don't think colleges would write "April 15" this year, since it's actually "April 17."</p>

<p>The only piece missing for us is clarification about a summer internship through the college itself. If no 1099 turns up by Friday, I guess the kid and I will get to go sit in the college finance office until they produce an answer. Good thing she's a commuter, and the college is only 20 minutes away.</p>

<p>In the same boat here as parents, we were able to prepare and file our taxes but DS has a Schwab brokerage account with only about $1000 in it but we need the 1099 so we can prepare and file his taxes...Fafsa and profile are done (fasfa with a "will file" designation) but some schools require copies of his tax return by 2/15 which is not possible based on not having the 1099</p>

<p>momsquad.... Can you find the info you need on your account info on the Schwab website?</p>

<p>We have filed FAFSA and Profile already, but at least one college requires the entire tax return, signed with all schedules included, submitted through iDocs. I sold off quite a few stocks to raise money for tuition, plus some foreign stocks, tax free interest etc. etc. Not much chance I could do all the calculations myself. Now I see that this whole packet should be received by College Board by April 15. Tax preparer is working with the April 17 filing deadline, so I will need to bribe her to prioritize this. Not sure why some colleges need the forensic verification while others are satisfied with FAFSA/Profile...</p>

<p>
[quote]
If you are applying for financial aid from a college or scholarship program that participates in IDOC and you do not send in the requested tax forms, your financial aid package may be delayed or denied. Colleges to which you are applying cannot finalize your eligibility for financial aid until you submit your IDOC packet. We suggest you complete the IDOC process as soon as possible.

[/quote]
</p>

<p>
[quote]
When is my IDOC packet due?</p>

<p>Individual colleges and programs may publicize a different date. Check each college's or program's information to ensure that you meet their specific dates and requirements. To ensure timely processing, your packet should be received by the College Board no later than:</p>

<p>April 15, 2012

[/quote]
</p>

<p>Regardless of the IDOC due date, you should submit FAFSA NOW, with estimated figures. If all else fails, just use your 2010 return, along with any significant changes that you know about. </p>

<p>THEN you do your 2011 taxes as soon as you can, THEN update FAFSA, and THEN file IDOC. But get that initial FAFSA submitted.</p>

<p>Also -- I want to emphasize what beolein said about the IDOC deadline. It is not April 17 for every school. Check your documents carefully for your own deadline.</p>

<p>You can call to get the info, even if it's not on the website. I did.</p>