<p>There are impending deadlines to submit 2013 tax returns to schools, but there is no way I can finish my 2013 return in time. I'm in a three-person professional partnership. I can't file my 1040 without a K-1. The preparation of the partnership return and K-1's are out of my hands and beyond my control. Is there any way around this or am I just screwed?</p>
<p>Can you do an estimate and submit that with the k1 explanation. Anyone who knows taxes knows they come out so late.</p>
<p>For Fafsa you can do an estimate then finalize it later.</p>
<p>Already submitted FAFSA, but IDOC says I have to submit signed 2013 returns, personal and partnership, by March 3. I’m thinking that I’ll just have to submit a mock-up unsigned 1040, stamp “DRAFT” on it, and hope for the best.</p>
<p>I would call and see what they say. Surely they have seen this before. </p>
<p>I also have the problem of not getting K-1s until March. I could estimate for one based on past year’s, but the other I have no idea. This is our first year of submitting financial aid forms, so I don’t fully understand the process. We haven’t gotten an IDOC requirement yet, but if necessary, I figure I could submit my tax forms with estimates and then amend later. Think this would work?</p>
<p>In another thread it was suggested to file now then file an amended return later…I have no idea how that might work, just throwing it out there.</p>
<p>I’ve read here on CC of people doing that. You probably need to have a pretty good idea of what will be on the K-1.</p>
<p>I’m quite sure the posters on this thread aren’t the only ones in this situation. I would suggest you contact the colleges and see what they suggest you do.</p>
<p>Another reason to contact the colleges is that some may slide your deadline. Happened to us. We were working off a 4/1 IDOC target date. (March 3 seems early.) </p>
<p>I’m just hoping I can get the partner in charge of the firm’s tax return off his butt. This is only my second year with this group. Last year the partnership return was put on extension and I didn’t file my 2012 1040 until October '13. I had never done that before in my life! He told me that he and our other partner (those two have been together for 10-plus years) had ALWAYS gone on extension and had NEVER filed the partnership return until September. Getting them to file it in the spring just so I can apply for financial aid might not even be possible.</p>
<p>Do you think you will qualify for much need based aid? Is it really worth the worry and hassle for you? I suppose that’s something you will have to figure out. Your child will be able to borrow a loan from fed. gov, which isn’t much in the scheme of things, but unless the school(s) are quite generous, going through all the hassle might not be worth it for you?</p>
<p>^^^ Probably not much. Got a small grant from UChicago. Probably worth the hassle, I guess. Every little bit helps.</p>
<p>I’ve had to ask my company accountant for a preliminary K1. I fill out the forms using that, send a signed copy to the school, but I don’t send it in to the IRS.</p>
<p>I can’t count the number of times I ended up filing a 1040x because of one reason or another. It really, truly, is not that hard. So file the 1040 now with estimated figures, pay what you are pretty sure you owe in taxes, and file the 1040x whenever your partners quit dragging their feet about this stuff.</p>
<p>In a similar situation with an overseas filing glitch. We have had hours of circular conversations with the school and the IRS. Here is to hoping there are solutions for us outliers! </p>
<p>Just file the return with estimates and then do the 1040X , With some schools, you miss the deadlines, you are in trouble. You can lose out on grant money. Certainly on limited funds. </p>
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Wow . . . I can’t even begin to count the problems with this “solution”! Let’s start with the fact that it’s fraud. But assuming that’s okay with you, what happens if you’re selected for verification? Kinda hard to “verify” a tax filing that was never filed . . . :(</p>
<p>Yes, that is fraud. Verification takes a matter of minutes these days, so even if that didn’t bother you, the chances of getting caught are high. Not a smart thing to do. </p>