<p>Just got our taxes done so that we can file the fafsa. We have never had them done this early. My guess is we will be completing them early for the next 4 years. I notice the new fafsa rules, stating that we should file our taxes online so that we can pull the info from the online taxes to fill in the fafsa. If for some reason, our taxes are flagged, we would have to wait for the IRS to send us a copy to submit to the college which would take about 4-6 weeks. Could delay financial aid. Anyone have any knowledge of this new rule, or the best way to proceed? Anyone else file 1040 in lieu of 1040A or 1040EZ. It is a book since we are self employed. Our tax man does not do taxes online and we are not changing because he works miracles. Any thoughts from other parents? Thanks!</p>
<p>I don’t think you would have to wait for anything from the IRS. You should make copies of your taxes before you send them in (whether online or by mail.) This is what you would need to send to colleges if you are asked for verification.</p>
<p>Before you close your tax prep software…PRINT A COPY OF YOUR RETURN. That way YOU will have it and if you need to send it to the college, you will be able to sign the one you have, make a copy and send it to the college if needed. No need to wait for the IRS to send it to you IF you make yourself a copy.</p>
<p>Even if you don’t, you should be able to go into your tax prep software where this is saved and make a copy of the return for your use at any time…</p>
<p>We actually mail our federal taxes (we can’t freefile and I just won’t pay to do it). But we file our state taxes electronically and just print a copy. We’ve never had a problem.</p>
<p>It is true that if you are selected for verification, in 12-13 you will NOT be allowed to submit a paper copy of your return only. The new federal regulations require either the IRS link or a tax transcript if you are selected for an income-related verification (verification itself is changing, as well, and select items will be verified). Some schools, though, do require a paper tax return from all applicants for aid, and some may require the tax link or transcript.</p>
<p>You can still file the FAFSA using your numbers, and put “already filed.” If the school asks you to do the link or provide a transcript, it will take 4-6 weeks from the time the IRS receives your return in order to do this. You WILL have your FAFSA in on time, but your verification will be held up.</p>
<p>It is best to file electronically, but it is not required.</p>
<p>wow! Thanks everyone for taking the time to post and put my mind at ease and I very much appreciate your time. Is the transcript that everyone is talking about a copy of your tax return?..or is it other documentation verified by the IRS? </p>
<p>Again, thank you so very much for your input. Given the chance, I too will pay it forward. :)</p>
<p>Have you considered having your regular tax accountant do your taxes, then paying an extra fee to a company that electronically files to send them for you? Many places will do it. After next year all tax preparers that complete 15+ returns are required to e-file, so your tax person may have already invested in the efile capabilities.</p>
<p>MizzBee…No…I did not know that another company could file our taxes electronically even though someone else prepared them. Will check into that. But our first call will be to our tax man to see if he can e-file our taxes. It still leaves a gap in the timeline. If we file our taxes electronically on 2-1. Taxes take 48 hours to get receipt. Then 10-14 days before you can access the irs link for fafsa; misses the priority deadline of 2-15. Ugh! I am going to start on this adventure tomorrow morn and I will be posting everything I find out tomorrow afternoon so that everyone else can benefit from what I find out. Thanks for taking the time to post.</p>
<p>Our tax man could not e-file our taxes. We did not want to spend the money nor did we want to risk a third party to enter our information onlin. After speaking with the colleges, fafsa and the IRS, we mailed our taxes. I will be completing the fafsa with current 2011 tax info. Fafsa takes about 5 days to process. They will then send the info to the colleges. If the colleges decide to ask us for a irs tax return transcript, we will submit one when we receive it. In the meantime, when the irs data retreival tool is available to us, we can correct fafsa with the same info directly from the irs and fafsa will resubmit to the colleges. That is the plan. Now…let us see how it turns out. Thanks to all for your help.</p>