This year we have a couple of corrections/updates we need to make on our FAFSA and have to link it to our taxes when we can. Is it better to do this as soon as each is available or wait and just make one correction/update?
My daughter’s taxes accidentally had her claiming herself. We did a 1040X paper correction form and then had to send ours in by paper because she of course was claimed on ours, too. None of ours have been linked yet and then the 1040X has to be somehow made known, too??
On our son’s, I forgot to put his Savings Bonds in his assets and again our taxes couldn’t be linked yet. His could now, but ours (being sent by paper) are not ready to be linked yet.
Is it better to just do it all at once when everything is ready , IRS links and corrections, or do it as the info is received. His taxes could be linked and the bonds added, but we still cannont link our taxes.
With our daughter’s, hers could be linked, but I do not know if the correction 1040X has been processed yet. Ours cannot be yet.
I believe there is a limit on the number of FAFSA changes you can make. However, you will not be able to use the IRS Data Retrieval tool for any return for which you’ve filed a 1040x. Best you can get is a tax transcript, but the availability of that could be significantly delayed. Contact the college(s) to find out what they want you to do since your son & daughter are ineligible to use th edata retrieval tool.
Is there a reason you are forced to file on paper for your tax return? There are a few circumstances where that is still required, but if it is not required I would definitely use the electronic filing so that you can verify your tax return in a timely manner with the Data Retrieval tool.
Daughter’s was efiled, and when our accountant went to efile ours it came up with an error(her SS# was already used as a dependent). Our accountant said we had to paper file at that point. So we sent in the 1040X first and then a few days later sent in ours. The college says once it is processed we can still link it even though it was paper filed. I didn’t think that was the case, but both our son’s and daughter’s colleges have said that. The 1040X thing is a little different. We will have to send a copy of that form it at some point we were told.