I’m turned in a copy of my tax transcript and the copy of my w2’s. The financial aid office found a mistake on my return. I was told to file a 1040 X & I did that and I mailed in a copy of my 1040x to IRS and gave the financial aid office a copy. One person in the Financial Aid Office says that I can’t be processed until my 1040x has been processed by the IRS another person says that it shouldn’t delay my financial aid… which is true?
This should not delay your financial aid since you have given them a copy of the 1040X corrected return. However, depending on what the discrepancy was, e.g., how complicated was your return, etc. it is certainly possible that your application might get delayed. Did both people you spoke with fully understand the complexity of the problem, and what you had to do to correct it?
Are you talking about financial aid for spring 2016 or for next year? I think your completing the FAFSA gets you ‘in line’ for the fall.
I believe the school cannot use a copy of the 1040x you provided to process anything and must wait for the IRS to do it and then either like it with DRT or you need to send a tax transcript to the school.
No DRT for 1040X. See https://fafsa.ed.gov/help/irshlp4.htm
That’s what I thought. I do think the OP needs to wait for the 1040x to be processed, then order a tax transcript.
[Quote=IRS]
A Form 1040X - Amended Tax Return can take up to 16 weeks to process once the IRS receives it. It can take up to three (3) weeks from the date you mailed it to show up in our system. Unfortunately, calling us will not help us process your return more quickly.
Ask the college. Maybe they can tell you what the delay will be, if any.
What tax year was the tax transcript for? And when did you submit that? For what academic term are you applying for aid? The IRS is not accepting new 2015 returns until January 19th.
Yes, an amended return can take several months to process.
The school knows if your income is going up or down based on the amended return. Hopefully they can process your aid.
Federal requirements for amended returns:
Tax filers who filed an amended tax return must submit: A transcript from the IRS that lists tax account information of the tax filer and a signed copy of the IRS Form 1040X that was filed.
School policy may also have additional requirements.