<p>My H is self-employed. Each year, some of the people who have paid him for services issue 1099s and some do not. We keep careful records ourselves and report all his income. So, our taxes are done and ready to file, and I was about to send in our IDOC package but each day another 1099 arrives, and the IDOC packet asks for all 1099s. Each time an 1099 arrives it doesn't change anything on our tax return because we've already included the income, but I'm wondering how long I ought to wait before sending in our IDOC package, since I never know if there's going to be another 1099 or not. </p>
<p>My S's 2 IDOC schools want everything by the 15th, and one warns that we should account for a 2-week delay (in which case we're already "late" but I'm doing the best that I can here!). So I'm leaning toward just sending on Monday with whatever we have by now. </p>
<p>I personally would just send without the 1099’s. I would think it would also depend a lot on how significant the income is for the missing ones. The IRS doesn’t require you to submit them, does it? And the numbers are included in your returns, so I highly doubt a school is going to get uptight about these types of missing forms. Also, I’ve heard that forms are legally required to be received by January 31, although I was just told on the phone this week that that deadline has recently been extended to February 15.</p>
<p>But as far as college deadlines go, the College Board website makes it sound as if documents received by C.B. before the deadline are considered on time, even though it can take up to 5 business days for them to become available to the school. Which school is asking for it two weeks in advance? It drives me nuts that the financial aid pages at these schools are often so unclear…</p>
<p>No, IRS does not require submission of the 1099s, but they do get a copy of them from the sender. </p>
<p>I thought that forms legally had to be <em>sent</em> by January 31, which would make it reasonable for them to still be trickling in, I suppose. If the deadline has been extended to February 15th we’re really screwed ;-)</p>
<p>MIT is the school that says to allow a 2-week buffer for IDOC.</p>
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<p>(emphasis is theirs)</p>
<p>Note that February 15th is not a hard deadline but a “recommended” date. I doubt many people can really have their taxes in final form by Feb. 1 (2 weeks before Feb. 15) so I doubt we’ll end up too far back in the queue if we send it in on Monday the 7th. And frankly that’s the best I can do. </p>
<p>I guess we can notify colleges later if we receive additional 1099s but I’m concerned that they would assume that was extra income not already included, so we’d have to be very clear about that.</p>
<p>mathmomvt: I called MIT’s Financial Aid Office to ask this. We cannot file our taxes until Feb. 14. According to our accountant, that’s the earliest that some of the forms we need will be available. So, now way do the IDOC process by the Feb. 15 deadline. I asked if it would be acceptable to mail a copy of the 2009 return prior to Feb. 15 and then use the IDCO process for the 2010 return. She said that was acceptable and what they would have suggested themselves.</p>
<p>I don’t particularly want to go the route of sending them 2009 forms because my H’s income dropped a fair bit this year. So I’m going to go with sending to IDOC on Monday and hoping they don’t really take 2 weeks to process them. I just got the last form I needed off of the IRS website yesterday (it was not available before then)! My tax software still doesn’t have it, but I filled it in by hand to add to the return. </p>
<p>When I wasn’t sure if I’d have the form before the 14th I contacted MIT also and they also told me to send them the 2009 forms (directly, not through IDOC). I asked if I could also send them a draft (all the correct numbers but with “DRAFT DO NOT FILE” printed over top of one form) since our tax situation has changed, and they said that was fine. So maybe I’ll check with them again if they would like me to directly send them a copy of my 2010 taxes now that I have them completed and sent to IDOC, but they may not get to MIT “in time” if it really takes 2 weeks…</p>
<p>Last year I had two 1099s that hadn’t come in when I sent the IDOC packet. I just typed up a note on a piece of paper saying what was missing and how much it was for. I included that page with the other copies of W-2s and 1099s in the IDOC packet. Never heard a thing about it, so I guess it was fine.</p>
<p>I never know if there are forms “missing” or not – some payers send them and some do not. We always end up reporting more income than the total reported on 1099s.</p>
<p>Yeah, I didn’t get both the ones that I sent info for in the note to IDOC. I believe one came in later, and the other was never sent. I still figured, if I put something in the packet that accounted for the absent 1099s, at least the numbers would total the same as our income per the tax return.</p>
<p>Maybe it wasn’t necessary to do anything at all about the absent 1099s. I just wanted to cover the bases.</p>