Hi,
My college is asking for IRS parents’ business forms from me that I’m not sure if I have. What happens if they want a form from you that you don’t have? Do you just comply with their request and fill out a new tax form? What if it’s a tax form that doesn’t apply to your parents’ business?
If your parents have a business and the school is requesting their forms…you need to,send them. Do,the have a tax preparer who did their taxes? That person might have a copy.
If it’s a form that your oarents were required to complete…and the school asked for complete tax returns including all schedules…they will not process your request for aid until the documents are sent.
If the school is asking for forms your parents were not required to complete…you need to clarify that with the school.
That’s what I figured…
On a side note, do you know how much owning a small business (that has a really low current market value and profit) affects the financial aid evaluation? I used the college’s online financial aid calculator and it calculated an amount that is completely within what we imagined. But the calculator didn’t ask a whole lot on details within the business, so I’m afraid that the college will give me an evaluation that is completely different from what the online financial aid calculator had.
The net price calculators are not accurate for families who own a business.
Do you have any idea how inaccurate the calculator is, like a ballpark estimate on how much the calculator and the evaluation will differ? Or does it depend completely on the finances of my family’s business?
It depends on the finances of the business, the types of business deductions taken (IRS allows some that are not allowed for financial aid and are died in s income at some schools), and the school’s policies.
Speaking about deductions, is it generally the higher the tax deduction, the less financial aid the school will offer?
Higher than what? Without knowing the specifics of the business and the income statement, tax issues, etc. nobody is going to be able to answer your questions on an anonymous message board.
Agree with Blossom.
is this for an ED acceptance you have already received for Penn?
Just give the school what they are asking for…otherwise they will not process your aid application.
What is the IRS form number being requested?
It doesn’t matter- my parents managed to find the forms. Thanks everyone for helping!