Our CPA is very old school and prepares our taxes by hand (paper, pencil, calculator). This has never been an issue for us before, but now we have a child applying to colleges and looking for FA. I had submitted our FAFSA and CSS back in January using estimated numbers. Now I see that I have to wait 6-8 weeks after filing (which we just did) before I can use the IRS retrieval tool. Yikes! Can I manually put in the numbers or must I use the IRS tool?
You can enter the information manually, you don’t have t use the IRS tool.
CPAs who file 11 or more returns are required to electronically file all returns. This became effective 1/1/12…so I’m curious why he isn’t doing this.
Check with your potential schools. Some require the retrieval tool to be used only for the students they verify. You can input the numbers into FAFSA and use the IRS retrieval tool later or request an IRS tax transcript.
@sryrstress he’s an older family friend that is retired. I’m pretty sure he files just a handful of returns.
Thanks for the info.
We did the same thing…will enter numbers manually and link when we can.
If the DRT or transcript is a requirement by the college, you should contact them and let them know the situation. typically the school (esp privates, not sure about publics) won’t reduce your package due to not completing the verification process by March or April, but it would be good to make sure. But the student will not receive the actual federal aid disbursement (in August/September) until any required verification process is completed.
You can try contacting your congressman’s office. last year D had to file a return and though it was e-filed, she had to pay and did so by check, so it was delayed. congressman’s office was able to get us a copy of the transcript before it was available using the IRS website.
I don’t want to step on toes but do you think your friend will be knowledgeable about education tax credits and
maximizing your AOTC while minimizing any tax impact from taxable scholarships (kiddie tax and form 8615)?
These might be issues that come up next year. If he is retired, is he keeping up on latest tax changes?
The timing issue with paper filed versus efiled might not matter if you don’t qualify for federal or state aid (other than loans) but might matter if you do. Or if it would hold up institutional aid and getting a finacial aid package before May 1.
Tax software checks for errors so in my opinion it might be preferable to efile if possible.