<p>i got the idea that private schools require signed 2012 tax returns as part of fin aid requirements from stuff i read and heard.</p>
<p>Is that true or are 2011 tax returns and 2012 estimates good enough for colleges?</p>
<p>My parents are really not wanting to fill out those 2012 tax returns until late march early April.</p>
<p>Please HELPP!!!</p>
<p>The year the student is a college freshman, it is important to get your taxes DONE as soon as possible after February 1. You can complete the FAFSA and profile with estimates…BUT any financial aid award you receive will be an estimate. Your award will not be finalized until your taxes are files AND the finaid application forms are amended to reflect the 2012 tax return figures.</p>
<p>And YES your award could be reduced. Our estimated forms were less than $2000 different than our actual income. One school reduced DDs grant award by $9000…no that is not a misprint.</p>
<p>You want to have your finalized financial aid award in hand prior to making a matriculation decision for
May 1. If you wait until April to file your returns and update your FAFSA/profile forms, younger not have that award.</p>
<p>If you are selected for verification, ALL documents must be provided including the completes tax return. If you delay, younger not have an award by May 1.</p>
<p>and my fin aid could theoretically be increased ALSO if my parents aimed high on FAFSA 2012 ESTIMATES?
or do colleges rarely do that,</p>
<p>so once my parents finish fafsa, they should file tax returns asap?</p>
<p>thanks</p>
<p>by the way what is verification?</p>
<p>Yes, they should file ASAP. Be sure you tell them that if they owe money, they do not actually have to pay that when they file. They have until April 15 to make the actual payment. Lots of times that is why they want to wait to file until later.</p>
<p>Typically colleges will not finalize your aid package for sure until they have the actual 2012 returns.</p>
<p>Verification is a process where they make sure that the numbers reported on FAFSA are for real. Typically, it involves sending them a copy of the completed, signed tax return and supporting documents.</p>
<p>I believe many, if not most schools use the IRS retrieval tool or require a tax transcript for verification purposes. I’m not sure a xeroxed copy is accepted any longer.</p>
<p>The IRS retrieval tool will NOT work until your parents PAY any outstanding taxes owed to the IRS. This will only be an issue if your school selects you for verification as they will either want to use that tool OR receive a tax return transcript…neither of which is available until you pay if you owe.</p>
<p>I would suggest filing taxes ASAP, and paying ASAP.</p>
<p>When you do your FAFSA, do so with excellent estimates for 2012. This should be easy to do as your family should have end of year pay stubs with year to date information.</p>
<p>I don’t understand about this whole IRS thing… Parents pay taxes owed to the IRS? How do we know our parents need to do that?</p>
<p>Lilme…when your parents complete their taxes, they will get to the part that tells then the amount of taxes they should pay for the year. If they have had LESS than that amount taken out of their paychecks, they will have to pay the balance. That is the amount they would send to the IRS.</p>
<p>If your parents have had sufficient taxes withheld from their earnings, they would not owe…and if too much was withheld, they would get a refund for the overage.</p>
<p>oh… I don’t think my parents pay anything then?.. They make really low.</p>
<p>It doesn’t matter whether they have to pay or they get a refund. They need to do their taxes as early as possible. And FAFSA should be filed now, even before the taxes are done. You’ll use estimates and mark it “Will file.” Then when the return is done, you go back in, make any corrections, and change it to “Have filed.”</p>
<p>But I hope the key thing you’re picking up is “Don’t put this off.”</p>
<p>my mom tells me that she doesnt get this w2 tax thingee from her work until march.</p>
<p>apartently she needs that to do 2012 tax returns so i dont know what to do b/c cornell needs 2012 tax returns by feb 15th</p>
<p>anyone in same situation or can help???</p>
<p>I suggest your mom have a chat with her employer. W2s are required to be given to employees or mailed to employees by Jan 31st. That’s federal law.</p>
<p>thanks lasma</p>
<p>to file tax returns only need w2s right?</p>
<p>is there anything else, forms needed to submit tax returns?</p>
<p>how long does it usually take to file those taxes?</p>
<p>Only cornell needs my parents tax returns by 2/15 no one else even requiores it</p>
<p>If your parents are wage-earners, basically if they get a paycheck from an employer, then they will need W2s. There are other kinds of income, like self-employment income, which require other forms. Then there’s the return form itself, called the 1040, but there are different kinds of 1040s too. Since I don’t know the situation, I can’t advise you about what they’d need. I’m really sorry.</p>
<p>Did they file last year? That’s a good place to start. If they’re not comfortable doing their own taxes, they may want to call H&R Block. They can tell your parents what forms to collect and then, for a very reasonable fee, either do the whole return for them or show them how to do it online. </p>
<p>Are your SURE that Cornell needs the return by 2/15? That seems like an unreasonably short deadline considering most taxpayers won’t have their W2s until two weeks before.</p>
<p>To file tax returns, you need all the forms related to income that you require…could be w2, 1099 etc. in addition, if your family itemizes,you need records of interest and dividends paid, property taxes paid, mortgage interest paid, certain business expenses (can’t give specifics as don’t know your family occupations), sometimes medical expenses.</p>
<p>If you have the 2011 tax return, you should be able to figure out what they used last year.</p>
<p>Regular wage earners are required to have W2 by Jan 31. All financial institutions are required to send their forms by that date too. The self employed, and sometimes citizens working abroad often don’t have the info by Jan 31.</p>
<p>The deadline for K1s is March 15. I don’t know how someone with partnership income can possibly be expected to file prior to that.</p>
<p>^^ Exactly. I also seem to remember that some investment income reports come out in March. That’s why I’m questioning how Cornell could expect that EVERYone would be able to even start by 2/15, much less finish.</p>
<p>Yah cornell’s website says due by february 15th 2013:
2012 federal tax returns for custodial parents</p>
<p>thanks. </p>
<p>i got email from cornell fin aid and it said that i can submit after that deadline but cant guarentee ill get aid reward letter with my acceptance letter (assuming i somehow get accepted)</p>
<p>i assume their aid rewards are pretty good so if i get accepted i most likely will go.
but ill just have less time to make decision…</p>
<p>Yes, for ED students, Cornell wants the IDOC package with 2012 tax returns (postmarked) by Feb 15. If there’s a legitimate reason why your parents can’t file that early, explain it to Cornell finaid and let them know exactly when your parents do think they will file. They will be reasonable and let you sent it in later as you’ve already learned. Cornell doesn’t run out of financial aid dollars and doesn’t award first come first served. But… you really want that offer in your hands ASAP. You don’t want to be getting all excited about being accepted and assuming that you’re going to get a great offer, only to find out at the last minute that it’s not as great as you expected…</p>
<p>SciMan, those later dates that several of us mentioned are only if your parents have non-wage income. If they have “regular” jobs and get a paycheck from an employer, they probably only need to worry about the W2, and their employers MUST get those to them by Jan. 31st. That is enough time, provided they get on it right away. A plain old 1040 with a Schedule A isn’t all that complicated, if that’s what they file.</p>
<p>I think what you need to do is have a conversation with your parents. None of us know what their tax situation is, and neither do you. Tell them a lot of money is riding on this, and it’s important that they get the taxes done ASAP, just this once (usually the deadline is quite a bit later for returning students). Your mom should talk to her employer NOW and let them know that she needs her W2 by the federally-mandated deadline this year. (BTW, I’m shocked they’ve been so casual about it in the past; that deadline is no joke as far as the feds are concerned.) And if doing taxes is difficult for your parents, please have them contact H&R Block. All they’ll have to do is take the forms in and Block does all the work.</p>