<p>All right I'll get right of the bat. So for the schools I've applied to, some require my parents and my 2011 tax returns via IDOC and others just want you to send the 2011 returns, some by February 15th and the others by March 1st. </p>
<p>How is this possible? My dad says the deadline for filing tax returns are on March 15th and even then you can file for extensions. My dad also says that it is unlikely he will complete by March 1st and so February 15th is definitely out of the question.</p>
<p>I'm sure my family isn't the only one that takes their time in filling these out. And so my question is why would the schools place such an early deadline if they know that many students' parents take their time until march 15th and even file for extensions? And as a result, because I can't reach the deadline nor can I submit 2010 returns, what can I do? Do I have to request the aid office for an extension? </p>
<p>Can all of the enlightened folks here on CC help me with potential quagmire?</p>
<p>Your parents have no choice but to file and report by that date if you want financial aid, it’s as simple as that. Just because you CAN wait does not mean that you should. The financial advisors at the schools need all that information to make an official offer for aid, and that takes time. They have a LOT of students to do this for, so they have to set deadlines to get everyone’s information in and processed. Why can you not submit the 2010 returns? I’ve applied to Emory EDII, and ours were due to the school by the first of this year (2011 due March 1).</p>
<p>@Lizziedoll456- Thanks for replying. I can’t simply because the colleges won’t accept it. I called their financial aid office and they said that want the 2011 ones and the 2010 ones are close to useless for them.</p>
<p>The deadline is actually April 15, not March 15.</p>
<p>And what happens is that (responsible) parents with college student children file early. It IS problematic because workers don’t get W-2s when the clock strikes midnight on January 1, but it is the law that your W-2s have to be ready for filing by January 31 and many employers have them ready before then. Unless your parents have a lot of assets, you can do your taxes in a few days using online tools (many free or inexpensive) and can very conceivably have your taxes completed by March 1, even February 15 if you hustle.</p>
<p>If colleges waited until the April 15 deadline, then you wouldn’t know about your funding package until after you had to make a decision about the school.</p>
<p>Well, parents who take their time filing taxes are making a choice. All paperwork is supposed to be to you by Feb 10th (W-2s by Feb 1st) giving you a whopping 5 days to get the documents finished. What that means is that the school expects you to get those forms filled out ASAP. Essentially, they’re saying to you that IF you want aid from them, you will do this. </p>
<p>Are schools mental? No, but they are businesses. They have thier own money to give away and can set up whatever parameters they want for doing so. They have budgets of their own to set, often in March or April, and need to know how much of their endowment money is going out. </p>
<p>Now, Federal and possibly state entitlement aid would be yours even if you waited on sending them your returns. </p>
<p>I know, it’s a crunch. My own appointment with my accountant is the 13th. I’ve put him on notice that for the next 6 years, my taxes are going to have to be rush job. I probably get to pay extra for that. I have until March 1st instead of the 15th, but if I want institutional money for my kid, this is what I have to do.</p>
<p>It’s a push, and you have to be organized, but it isn’t impossible to have taxes done by Feb. 15th. When you have kids in college, or entering college, it’s just part of the system. Many people wait to file until April 15, because they have to PAY taxes, and don’t want the gov. to have the money until the absolute last date possible. We have always had our taxes done in early Feb, even before college kids, because we get a REFUND and want our money quickly. Your dad will have to change his game plan if you are hoping to get any type of institutional funding from schools.</p>
<p>Earlier this month I sat down with last years tax returns, Happydad’s last pay statement from December, my last pay statement from December, Happykid’s last pay statement from December, the December bank statements, printouts of bank records that could be retrieved online, and notes from a couple of phone calls to banks that I can’t access online, and filled out estimates for the tax returns for all three of us. Then I completed the FAFSA in “will file” status. </p>
<p>I’m lining everything up so that when the last bit of paper comes in over the transom, so to speak, I can finish the tax returns, and update the FAFSA. Yes, it is a pain to do this twice, but by doing the draft version early on I am reminded of just exactly which pieces are missing. Lots of people don’t like filing their tax returns, so I can understand where your dad is coming from. However, the math is not hard and the IRS help-line is good at responding to questions. If you have passed Algebra 2, you have all the math you need to do the tax returns. If you are willing to put in the time, I bet you could do them for your dad. Maybe you should offer to.</p>
<p>You all make great points. Basically, from what I’ve read, it boils down to this: If you care about getting institutional money, then fill in all the forms early and don’t whine. I guess those are one of the quirks of parenthood. </p>
<p>But, does the same situation apply for internationals? For example, I just called the aid office for one of my colleges. I’ve a US Citizen and so is my Dad. However my mom isn’t. And as a result in the country that I reside, the accounting year ends on March. You aren’t allowed to file in returns before than nor is any accountant. And so the kind aid lady told me that in this case when IDOC comes out, my Dad can submit returns for himself and me.
And in the case of my mom, I just have to submit it whenever I can.</p>
<p>Now this isn’t being lackadaisical. It’s simply having a different legal system. Aren’t US citizens with internationals then put at a natural disadvantage? </p>
<p>Lastly, one more question. Since my mom is a foreign citizen she doesn’t file W2’s. So what would be taken as a replacement? A copy of the total income she’s earned from her foreign employer?</p>
<p>Thank you very much for your swift and knowledgeable responses and please pardon my ignorance on such matters. Though to my credit, I am trying to familiarize myself with the quirks of personal finance. :)</p>
This is a little naive. Many people, including us , have complicated returns that depend on the input of others and involve a lot of time and effort. We never have ours done until April, despite the ongoing efforts. Last year we made the best guess we could based on the previous year and did the FAFSA “will file”.</p>
<p>Umm some of you are being naive… We did not have all of our forms by that date… We had all of our stuff done and to our accountant in early Feb, and we didn’t get to file until April because we didn’t get some of our tax forms did not arrive until mid to late March… sorry, I can’t remember what they were… But they weren’t really late. Some of us with more complicated information entities etc don’t get our information until that late… What I was told was to estimate on the FASA and then go back and change it if need be. Because we never know exactly until April every year…</p>
<p>Citizens living outside the US are obligated to file US Federal income tax returns. The information from last year’s return along with your mom’s current income information should give your dad enough information to start with so that he can get the FAFSA done. When they have the end-of-year paperwork for income and taxes specific to your country of residence, you can update your FAFSA and send the supporting documents. Most financial aid offices have experience with students in situations like yours. Just stay in touch with them so that they know that the missing pieces are coming. The important thing is that you get everything in ASAP.</p>
<p>@happymom- Thank you for the information. My dad and I already completed the FAFSA using estimated values and choosing “will file” for the 2011 tax returns. My question was not if US citizens living outside the US have to file one but what my mom can do considering that she’s not a US citizen and the country in which we reside in has a different financial calendar. But the general consensus I can get is basically summed up in your last sentence.</p>
<p>What I wanted to know now is what to submit as a replacement for “W2’s” because my mom doesn’t get those. Would one have to submit a foreign income statement or perhaps copies of foreign cheques deposited into my mom’s account?</p>
<p>what about us who need K-1 forms for their tax returns? There are situations when a person has no control when K-1 is finished (multiple partners, we are limited partners). There were years when I would not get K-1 until after filing deadline (because the entity extended) and had to estimate our taxes and file only after K-1 is issued. </p>
<p>In addition, responsible or not, there are some returns (that go beyond W-2s and itemized deductions) when you simply cannot rush taxes like that (even without K-1s). So yes, I say these schools are unreasonable (especially if getting merit money, and not need money, is dependent on you submitting request for financial aid).</p>
<p>Call the financial aid offices at the colleges you are applying to and ask what kind of documentation they need in that case. It may vary by school, and the particular country involved probably helps determine the answer. This is something we can’t answer for you in this forum.</p>
<p>Schools certainly need to set later deadlines for parents who own businesses. Our accountants couldn’t possibly get our year-end financials done in time to file our taxes in February. In fact, we rarely file by April 15.</p>
<p>yep//it was K-1. That is what we have always had to wait on… And from what our accountant said that is fairly normal… They don’t get most K-1 forms until March or April, so people who need these are always filing at the last minute.</p>
<p>From what I have heard (and this is only anecdotal evidence) schools are using previous year returns and estimated amounts to determine aid. </p>
<p>Also, it is impractical to require all K-1s to be delivered before 15 March - sometimes a corporation and LLC is waiting on another K-1 and thus cannot issue their own K-1s. So basically those companies that are members of other companies will not be able to deliver K-1s on time because they did not get required information to do that.</p>
<p>Also, sometimes Congress changes rules the last momen, and the professional software (such as CCH) is not ready on time with the new changes (or there are bugs in current year release), so some CPA firms have to wait to actually file - the somewhat new rule is that CPA firms that file more than (I think) 50 returns per year, have to file electronically and therefore need software to actually work correctly before doing that - they can still punch in the numbers, but sometimes the software would disqualify the return from filing electronically because of the bug.</p>
<p>I guess what I am trying to say, that it is not always practical to file on time and surely less practical to file before March 15th.</p>
<p>If your mom does not receive an end-of-year statement from her employer listing all of her income for that year (which is basically what a W-2 is), then you need to ask the financial aid officer who wants copies of her documents about the best way to proceed. Again, this is something that they may be requesting for other students whose parents work in that country, so the financial aid officer should be able to tell you what paperwork is the best to send.</p>
<p>If the schools REQUIRE the forms, give them the forms. In the case of your 1040 tax form, if you need to change it after the colleges’ deadlines, you can file an amended form. I think there is no penalty for this if you file it before April 15.
As for deadlines, there is a conflict between what colleges want and what the IRS requires. For example, beginning with tax year 2011, 1099s don’t have to be mailed to you until February 15 as a result of the Economic Stabilization Act of 2008.
Also note, it’s not the IRS’s fault. All tax rules are made by Congress. The IRS is just the department that must do what Congress says.</p>
, have complicated returns that depend on the input of others and involve a lot of time and effort. We never have ours done until April, despite the ongoing efforts. Last year we made the best guess we could based on the previous year and did the FAFSA “will file”.</p>