Tax forms still not in

D_yer_Maker
Sun, 25 Feb 2007 08:18:16 +0000

Each school is different, but if the 1040 simply confirms the PFS information and is consistent with the 2005 Form 1040, then it’s not going to be critical. But if the 2006 Form 1040 reflects a material change from the PFS, it would behoove all concerned to get it in earlier rather than later.

I wasn’t able to complete the information by Jan. 31 so I sent it in later. But in that interim one school wrote to me with a form letter that had a checklist of the missing FA materials and deadlines and they asked for my 2006 1040 form to be mailed to them by April 16…the date for filing tax returns this year and obviously it’s only needed at that point if the school accepts my son and he decides to go there…which, obviously, would be a decision based on some sort of decision from the school on FA. In that case at least – and I suspect it’s not an isolated case – the school does not refrain from making a FA decision if it doesn’t have a Form 1040.

Again, parents who will actually foot the bills are likely to be on top of this process and these concerns about as much as applicants are on top of the up or down admission decisions. This is way too important to every parent applying for FA to assume they’re oblivious to these things. Or at least the more important it is to a parent, the more aware they are going to be about the timing requirement for their 2006 1040s.

Of course if there are divorces involved all bets are off as there may be other dynamics at play in terms of incentives and disincentives for sending in those 1040s.