Can someone clear up my confusion about how IDOC works?
Some of my son’s schools say they want tax returns by 2/15.
I started doing our taxes w/ TurboTax but I’m still waiting for tax statements. Assuming we get all the statements by 2/7, I could then e-file them by 2/8-9. Do I then have to wait for the IRS to approve the e-filing before doing the IDOC? In the past, that’s taken about 7-10 days…which would put it past the 2/15 deadline.
Or do I just submit the tax returns to IDOC as soon as I’m done with TurboTax and not worry about the e-filing approval?
What if we don’t receive all the tax docs in a timely manner? I remember getting some 2-3 weeks into February last year.
Also, is there a 10 school limit like the CSS?
No advice but same question from me! In fact, I believe that our tax software has another update after the 15th as well.
I’m not required to use IDOC, so no first-hand experience, but here’s my understanding:
IDOC needs you to send paper forms to the IDOC processing center, where IDOC then digitizes the forms for electronic delivery to the appropriate school(s). This gets the school out of the business of dealing with piles of paper forms, which I’m sure they love. So, I don’t think you need to wait for the IRS to accept your e-filed return before you send paper copies to IDOC. If you don’t get all the necessary tax forms in a timely manner, it’s hard to file a complete and correct return. I suppose your options are then to either guess at the numbers and file an incomplete or incorrect return knowing you may have to file a 1040X later on, or waiting and missing the IDOC submission deadline.
I think IDOC may have introduced an upload capability in the last year or so, making it not quite as archaic as it used to be. But I have not used that function, last used IDOC a couple years ago. In any case, I haven’t waited for acceptance of my return in the past to send it off through the IDOC process. Once I submit to the IRS, I go ahead with the IDOC steps. If you are late getting some tax docs, notify the FA office at the schools if you think you will miss their deadline. My experience was they would sound crabby and say to get it to them ASAP. But my kid still got aid.