<p>The colleges that I am applying to require a copy of the 2007 tax returns (and the earliest deadline is March 1). I told my mom this, and she says she does not know when she'll have it filed. I asked if she could get it done earlier..and she got mad. So, the accountant who does our taxes always has a ton of returns to do...and thus, is not the most timely. How important is sending in the tax returns by the deadline? What if it is late? Does that mean my financial aid may be at jeopardy?</p>
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<blockquote> <p>How important is sending in the tax returns by the deadline?>></p> </blockquote>
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<p>I personally would advise one NOT to miss a deadline. BUT you can call the college and ask. This is not the year to put off doing your taxes until April 15. The reality is that most schools disperse their aid by then, and if your application is incomplete (if they require tax returns and you don't send them, your application will be incomplete) your aid won't be given until your application is complete. This means you might still get some aid (read SOME) but you may not have it in time to make college decisions by May 1. Simply put...if you wait until April 15 to file your taxes, the schools may not have time to even put together a finaid package for you by May 1.</p>
<p>Call the colleges and ask...but if you want my opinion, if your tax returns are late, yes, you could be jeopardizing your financial aid at some schools.</p>
<p>Maybe your family doesn't need financial aid. Ask your mom that question. If it isn't important for you to get financial aid, it doesn't matter when you file the applications.</p>
<p>Yes, call the colleges and ask.</p>
<p>I know some families have an accountant do taxes even if their financial situation is not complicated. If your family's income is mostly on W-2 forms (these are what employees get at the end of the year) and some 1099 forms (investments) and you don't have any weird deductions, maybe this is the year to do your taxes on your own. Ask your mom. I use TurboTax software which is pretty easy and have been able to file in early February. However, if your mom thinks your tax situation is more complicated, you probably do have to wait for the accountant.</p>
<p>I noticed that same conflict. I will owe money this year (as planned) and dont want to mail in the return until April 15th. Most of the colleges so far have asked for actual 2006 and estimated 2007. If they use CSS Profiles you can put in 2007 as estimates (it's a check the box) and send in the actual. I am understanding that the actuals with copies of W-2 and 1099 are to follow deadlines.</p>
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<blockquote> <p>Most of the colleges so far have asked for actual 2006 and estimated 2007.>></p> </blockquote>
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<p>Yes right now you would be using estimates. BUT in most cases all you will get from the colleges is an ESTIMATED financial aid award. The award will not be finalized until your 2007 taxes are complete AND you amend and resubmit the forms. AND in some cases this WILL make a difference in your finaid award. In DD's case, one school REDUCED her school grant by $9000. Our actual income differed by less than $2000 from our estimates to the finalized document...and that was the only change. </p>
<p>So...I would again advise...get those taxes and finaid forms completed as soon as possible after February 1 (when you will have the 1099 and W-2 forms to do the taxes). In the meantime, file as a "will file" and use the estimates.</p>
<p>You can file the return early and still not owe the money until April 15. Our clients do this all the time. We file electronically when they are ready, and they send the check and the voucher on April 15.</p>
<p>If you/your child is an entering freshmen, it is in your best interest to file early just this once (you will get a later FA deadline as a continuing student) and make sure you meet your school's FA deadline (always).</p>
<p>Remember even schools with deep pockets have budgets and moeny is given in most cases on a first come, first served basis you could end up with a package that is heavier on loans because the "free money" is gone. </p>
<p>At schools that are need aware or need sensitive, if your FA information is not submitted and you they are at the end as far as giving out their money the school may end up denying you because they do not know "how much" you will need .</p>
<p>thanks for the replies! I will tell my mom that because we need financial aid. I know we file the 1040 form (with the W2s), but last year, we did an itemized deduction form. That looks pretty complicated (Is it?). If not, perhaps filing our taxes is the best solution.</p>
<p>Your mom's employer is required to give her a W-2 by 1/31. She should gather up all of her stuff and be ready to file ASAP (since many people now file electronically) as long as her taxes are not really complicated, you should have all of your stuff submitted sometime in february.</p>
<p>are itemized deductions considered complicated?</p>
<p>If you have software (this isn't an ad for Turbotax, but its what I use) it will walk you through in baby steps what you can deduct. Common things are all charitable deductions, mortgage interest, property taxes, state and local taxes. You might want to go to Turbotax or other tax software website and discuss with mom if this would be a good idea. I think I actually can fill the tax forms out with the online version of turbotax and don't pay turbotax until the form is complete and ready to send in.</p>
<p>Getting your taxes in early doesn't preclude using an accountant. We have always used a CPA, and the year I did FAFSA stuff, I let the CPA know on January 2...I need it early this year. Then just kept reminding her, I need it done early....</p>
<p>Many of my friends who use accountants actually told their accountants about their need for an early filing LAST YEAR when they had the accountant do their taxes. That way they were in the queue for an early appointment.</p>
<p>Peeves me that we give financial information (DS's info) to CPA, who sends it to India so that they can reenter data into the form that I already had compiled for them in my purchased tax software program and then get a very large bill for no taxes need to paid and full refund, which I ready calculated. </p>
<p>I feel that there is some collusion between the IRS and these CPA's. Then do it again for Canada. Blackmail.</p>
<p>^^There's no collusion...</p>
<p>Why are you using a CPA if you don't want to do so? If you are comfortable preparing the returns yourself, then do so.</p>
<p>thank you so much... I talked to my mom and she says if can use a program..it will be fine. she doesn't speak english very well...so I'll have to do them. I hope its easy to follow the instructions.</p>
<p>$15 coupon for Turbo tax at costco :) weee...</p>
<p>have you filed for a PIN for you and your mom?</p>
<p>You can do this now</p>
<p>go to:</p>
<p>yes we have. thank you so much!</p>
<p>Follow the tax program questionaire EXACTLY. Do Not second guess or make assumptions on what it is asking.</p>