School wants 2015 tax return, w2, 1099, CSS and Fafsa. No way the 2015 tax return getting done by Feb 15th deadline as by law not all of our filing documents will be available. So school essentially said, oh well do the best you can, but if it’s not done till April or March there may not be any $ left. Can’t help you. How can they expect tax returns when documents do not have to be delivered by law until End Feb or March 15th? I am not honestly expecting need-based aid, this is for academic grants/scholarships. What does my bank account have to do with a bright talented student’s performance?
A good example of why going to prior-prior year reporting will make things easier.
Not much, but schools that require FAFSA submission in order to be eligible for merit aid probably just want to make sure that no free federal money is being left on the table.
Fill out FAFSA and CSS profile with estimated information from your W2 or last pay stub. You should have those since they were required to be mailed by 1/31 (W2).
Then do taxes as soon as possible.
Then find out how college wants you to verify income, use IDOC, send in tax return and W2 copies, or use IRS data retrieval tool in FAFSA.
Agreed…complete the financial aid application forms using your very best estimates for the 2015 tax year. Then get your taxes done ASAP. I know the federal deadline isn’t until April 15, and that some business owners file for extensions until October. BUT…the deadlines for financial aid submissions have been on the school websites since FALL. This is not the year to file your taxes in April.
If you want a finalized financial aid award before your student needs to make a matriculation decision by May 1, please make every effort to get your taxes done ASAP. Until yo have completed your 2015 taxes,my our student’s financial aid award will be an estimate…just like your applications will be estimates. And yes…the estimated awards can change once your taxes are completed.
As noted, this is the last year this will be an issue. First…deadlines for returning students are later. Second, beginning with the 2017-2018 FAFSA, prior prior year (so 2015 tax year for 2017-2018) tax returns info will be used.
Unless you’re the beneficiary of a trust where the income swings wildly from year to year, I’m not sure how getting “ordinary” 1099’s is going to change the outlook that much.
You know your earned income- final paystub, or whatever records you keep as a business owner.
You know most of your paid out capital gains from looking at your December brokerage statement, ditto for interest on other accounts.
You know what you paid in property taxes, charitable, other deductions (look at your cancelled checks).
Seems to me that you can do a good estimate on January 3rd or so- and then back it up with documentation.
Which documents are you still missing?
I Called that they will not accept that. Also thru IDOC can only upload specific documents and can’t upload anything until the tax return is uploaded.
Still missing 1099 (told not coming till end of Feb) and a K-1 that is out of my control and probably won’t be here till March. Frustrating.
They won’t take what? The FAFSA and CSS profile can be submitted for now with estimated 2015 numbers. Do that.
If they want you can send in 2014 tax return with IDOC.
I can get a pretty good idea for sure and piece it together. But the K-1 is not in my control at all, it is not from my business. The income does not swing wildly. Not comfortable filing based upon my best “guesses” . I could file an early return with no documentation to back it up and if I guess wrong on what I may owe I’m doomed. Then I would have to file an amended return, doubling by accounting costs for the year. So are you saying to submit a 1040 etc… with rough numbers to the school?
Don’t file your taxes with estimates…file your FAFSA and CSS Profile with estimates. Then when you do your taxes you can update those documents accordingly. We’ve all been there, we’ve all done it. It’s not fun, it’s rushed, but it is possible. And as stated before, it gets easier in future years.
Sorry an adendum. They want my actual 1099’s and my actual K-1 in addition to the tax return. and in addition to the FAFSA and the CSS. and the keys to my house and car and my uncles house and car. (ok maybe not the last 2)
Are you sure they want those NOW? Most schools have deadlines for the CSS Profile and FAFSA in Feb with IDOC documentation in April. At least that was our experience. (And since my kids knew where they were going before April, we only had to send the documents to their selected school).
Sorry if I wasn’t clear. They won’t take a 2014 return. I have already done and submitted the FAFSA and CSS with estimated numbers. They want the 15 tax return, the actual 2015 W2’s the 2015 1099’s and the 2015 K-1’s - cause apparently reporting those on my tax returns isn’t enough. - all by Feb 15. This just seems extreme
Thank you all for your suggestions.
Yes, I agree. Do not file your 2015 tax return until you have all the necessary forms to do so!
Having to amend later would just mess up and hold up things even more.
We are saying that you should fill out FAFSA and CSS profile with best estimate 2015 income information now and submit to schools.
Then when you get your tax return done in March or April, you will send them the complete tax return, W2, 1099, K1 and whatever other income forms comprise your return.
That’s all you can do.
If what you are saying is true, then yes that is extreme. You may want to check their website again to make sure or call them. We had a request for one school to send documentation from the previous year (in your case the 2014 documents).
I thought all tax documents (W2’s 1099’s etc) had to be sent by the end of January. So while a Feb 15 deadline would be tight (and a bit extreme), it would be possible.
I would send a letter to school that you are unable to get your 2015 tax return filed because you have not yet received certain documents needed. And that you will provide the information when you have it.
Patty- I was executor for an estate with a trust and one of the heirs had a child applying for financial aid. The accountant’s attitude was “they’ll get it when they get it”. I explained that as the client, it was not unreasonable to accelerate issuing the K-1 to meet a February deadline. Accountant complained but complied, charged the estate an extra $100 or so for “overtime”.
Don’t assume you have no control over when the K-1 arrives. Someone is the client here- and that person can make the phone call for you.
Are you self employed? Is that why you are awaiting a K-1?
Contact the college. Many self employed folks file for extensions for taxes until October. Really…you can’t do this this year. You are not the only self employed person applying for aid. Ask the college what to,do.
Contact the financial aid office of the school directly.
They may be able to come up with something like Brown does: