We just tried to connect our FASFA to the IRS for verification, and cannot because apparently the 2014 is not yet available. We submitted the return electronically on Feb. 14, and I assumed it would have been available weeks ago. However, I didn’t send the check to pay the tax bill until a couple of weeks ago (it cleared 8 days ago). So, does anyone know whether the IRS waits until they get paid to make the forms available for verification? And if the return was filed electronically but the check was a paper one, should it take 2-3 weeks (electronic filing) or 8-11 weeks (paper filing)?
UVA wanted a transcript yesterday and so this is causing a bit a stress in our lives, and if anyone has had experience with this I’d be grateful for your insight. Thanks!
Guidance from the Department of Education and the IRS suggests that if you file your 2014 taxes electronically and have any owed taxes paid in full at the time of submission or are due a refund, IRS Tax Return Transcripts are generally available 2 - 4 weeks after your return has been processed.
If you filed electronically, but do not pay in full any taxes due, your tax return will not be processed until May 2015 and you usually can request your IRS Tax Return Transcript 2 - 3 weeks after that point.
Those that file a paper return will unfortunately need to wait even longer to make the request for their tax return transcript. If you expect a refund or owe no additional taxes, you can request your transcript 8 - 11 weeks after your tax return has been submitted and received. If you owe any amount, even if it is paid in full at the time your return is submitted, your tax return will not be processed until June 2014 and you will not be able to request your transcript until 2 - 3 weeks after that point.