College requesting tax return transcript. Confused

So last week I was accepted into Berklee college of music and I still hadn’t received my financial aid package. I called them and they said I needed to send them my SSN which I did and now they’re requesting my parents’ 2015 tax return transcripts. What exactly are those? The Internet has not been helpful. My father tells me that he already filed his 2015 tax return but I don’t get the difference between that and the transcript. My mother says she’s filing hers this Saturday but is that what the college is requesting, the copy of the filled out 2015 tax return paper? I don’t really understand as they also sent me a link to the IRS page that says it takes up to 10 days to receive the transcript which is out of the question as Berklee’s really expensive enrollment deposit is due by may 1st and I’m not making that commitment until I have an idea of how much aid I recieve, loans I may need to take out, and a payment plan and stuff. I plan to call them tomorrow but I was hoping to get answers here first. Thanks!

No, a transcript is different than a copy of your return. It’s a summary. Have your parents go to the IRS website and order a tax transcript (and there are two kinds, so make sure you pick the one your school wants). They used to be available to download immediately (they are about 2-3 pages) but last year they required that you order them. I don’t think they are available until a week or so after the return is processed. Once available, they are sent pretty quickly. I think I received mine in about 5 days (but they were processed and ready)

Because your parents’ transcripts won’t be available immediately, ask the school if they will take a copy of the return. I was told by one school they could not accept that.

In order for the school to give a good estimate for your aid package they need to have 2015 tax infornation.

Did you file a FAFSA? Sometimes using the IRS data retrieval tool in the FAFSA is sufficient because it brings over numbers right from tax return.

Your mom needs to file her taxes asap and pay any money due at time of filing.

There is not much time left before May 1.

Even if FAFSA was updated with DRT sometimes schools will still require tax transcripts.

You need to call and ask them.

We completed the fafsa with using last 2014 tax info and I received financial aid packags from the other colleges I was accepted to (5 other schools) Berklee is the only one that has requested the transcript.

But the FA information needs to be based on 2015 tax return information. You cannot leave the 2014 numbers.

You were able to estimate 2015 income initially but once taxes are done you need to update with correct numbers so the aid you are offered matches the actual income.

The sooner the better.

@Jjscott3

The financial aid awards you got based on the 2014 tax info were estimates. They will not be finalized until your taxes are complete, and you have amended the FAFSA to reflect the 2015 tax info…AND linked oarent and your tax returns to the IRS Data Retreival Tool…or provide a tax transcript.

To be honest…you need to hustle here. This all,should have been done ASAP after February 1 when you should have had all of your tax info.

My kiddo applied EA to three schools, and we used estimates on our Profile which had to be filed very early to meet the priority deadline. She got financial aid packages to the schools BUT wait…we did update our financial aid application materials and guess what? The aid packages changed. One changed by THOUSANDS of dollars.

Call the school…ask them what you need to get done.

You should also be alerted…Berklee does not have particularly generous need based aid. How much would you need to get to attend?

ETA…we also had a music major kiddo. He got some very early financial aid awards based on his auditions…these were merit awards. We’re yoir other awards merit or need based?

If you use the data retrieval tool on the FAFSA, that satisfies the tax transcript requirement.

@widgetmidget the mom has not done her taxes yet. They cannot use the DRT…yet.

Not sure why the mom is taking her time filing her taxes…but that could be an issue in terms of getting a finalized financial aid award before May 1.