<p>What is the Schedule D From Parent’s Federal Tax Return? Is that the Tax Return Information that needs to be sent on March 2nd?</p>
<p>Are your parents business owners? Schedule D is generally used by employers.</p>
<p>The parent tax return information that you are supposed to submit is - </p>
<p>On USConnect (I am describing the procedure from memory, so any of you who’s memory is more clear PLEASE jump in and correct my errors!), you will enter information in fields. In a day or two, you get an email that will instruct you to upload your tax return copies. The returns that are supposed to be uploaded are the 1040 (whichever version you/your parents happen to use), the W-2s and all schedules.</p>
<p>If your parents used a schedule D in preparing/submitting their taxes, it must be included in the submission. In essence, any documents that had to be submitted to the IRS will have to be submitted to USC. If you don’t know if a form or schedule needs to be included, send it along!</p>
<p>IMPORTANT! If you have trouble with the submission through USConnect - don’t panic! You can submit the tax return copies in a variety of ways and ALL are acceptable. You can FAX them, mail them, hand deliver them, scan and email - any way you get them there is FINE.</p>
<p>Also IMPORTANT note: March 2nd is the suggested date, but if circumstances keep your parents from filing until later submit as soon as the returns are available. There will be no penalty in terms of aid - the package just may be presented a bit later - your package will not be presented until tax return copies are submitted, even as an estimate.</p>
<p>Yet another IMPORTANT! If USC is requesting Schedule D and your parents did not file a schedule D, just tell USC that your parents did not file a schedule D and submit the rest of the tax return information - be sure to let them know in a way that will be noticed (like using large font…). They will let you know if there is anything else they need - the financial aid office is FANTASTIC.</p>
<p>Alamemom,</p>
<p>My parents are not business owners…so under my required documents on my tab on USConnect, its says that they need Schedule D…so if I decided to fax my parents tax returns, I should just state somewhere in bold letters that they did not file a Schedule D?</p>
<p>All you have to do is send an email to financial aid saying that they do not file a schedule D - check to see if there is a way to message financial aid directly through USConnect. Include your USC ID.</p>
<p>Is it a huge problem if you can’t meet the March 2 deadline to input tax return information? Complicated business returns which means accountant may not have it ready in time. How best to proceed?</p>
<p>Your package will not be affected in terms of the amount of aid if you cannot get your tax returns submitted by March 2nd - USC fully understands that many people are unable to have their taxes done so far in advance of the April 15th tax deadline.</p>
<p>The downside is that USC will not present the package until the tax returns are submitted, and in general not until about two weeks after that submission (due to the processing time to check information against the tax returns and calculate the final package). The “problem” with that is that commitment deposits and decisions about where to attend must be made by May 1st, and many students must have all their financial aid information before making that important decision. If it looks as though you will not have the financial aid information in advance of the May 1st deadline to make a commitment, contact USC admissions and ask for an extension - they WILL grant it if you do not yet have your financial aid information. Also contact the other schools your student is still considering (again, this would be something to do in late April - not now), and request commitment deposit extensions - some will grant them and some will not (the UCs typically will not grant an extension to wait for USC financial aid info, but many other schools will). In many cases in the past, those who filed taxes on April 15th and submitted tax returns to USC at that point had their USC financial aid packages by May 1st or shortly thereafter.</p>
<p>A bigger problem arises for those who do not file taxes until Fall or later via IRS extensions (and there are a few each year who encounter this). If your tax advisor is recommending applying for extensions this year, it would be a good idea to discuss with them the repercussions in terms of financial aid (again, the amounts will not be affected, but the package will not be presented or disbursed if taxes have not been filed, which may be after the Fall term starts if you have been granted IRS extensions) and contact USC financial aid to ask how to proceed if you anticipate requesting IRS extensions past the April 15th IRS deadline.</p>
<p>Thanks so much alamemom for the great information you provide on this site! I am relieved to hear it will be okay to get them in a bit past the deadline. On a related note, are merit scholarships tied into the completion of the financial aid process (i.e. turning in the tax forms). I know some schools require you to file for financial aid in order to qualify for merit scholarships. Is this true at USC?</p>
<p>No, financial aid forms are not necessary to receive merit aid at USC :).</p>
<p>Schedule D is the Capital Gains and Losses form, which would be used by anyone buying and selling stocks, bonds, etc, or having carryover losses from prior years.</p>
<p>Quick question to the expert(s) 
about carryover losses from previous years…The USC calculator asks for your AGI (which includes NOL carryover). So, does USC allow the use of NOL carryover in determining aid?</p>