Hey everyone,
Well im an undergrad applying for freshman year for fall of 2016. I really am not sure how I should properly send financial aid documents to the 12 colleges ive applied to. My parents arent really familiar with the the details of Tax Returns and financial aid in general. So they wont be able to help me much, so I have to understand this alone.
so based on what I read I need to send the FAFSA and CSS Profile to schools. My parents gave me their 2014 tax return and I filled them out accordingly. I could send the FAFSA and CSS Profile based on 2014 estimates now.
What I dont understand is:
Colleges also ask for something called W2 Forms; can someone provide me insight on what that is?
Some colleges ask on their checklist for 4 things, FAFSA, CSSPROFILE, 2015 tax returns, and W2 forms. Do I have to send the tax return document if I sent FAFSA and CSS or not?
Lastly, Im currently an american living abroad so I am unsure if I do have to send the tax return document, how I could do that. I cant mail it and am unsure if faxing is applicable.
So insight on this proccess would be great because I really have no one to go back to. Since most of the people in my current residing country dont have do it and my parents have limited knowledge of the topic.
Am I on the right track, or is everything I said wrong
I think you should talk to your guidence counselor for some help. It is very hard to get all this done for an adult. I hope you can get some support. W2s are the forms that your parents would have gotten sent to them from their work. They come in the mail and list income, SS paid, etc. That information is used to fill out their tax returns. They are can be gotten directly from the IRS in the form of an “abstract” (faxed to you or mailed) if you or your parents can 'f find their W2’s. They had them at some point because they could not fill out their returns without them.
You will have to submit the returns as Idocs (or something like that) to the College Boards (fax) as part of the profile but I think there is a way that the information from the returns can be accessed directly for the FAFSA-so that the information that was submitted for the tax returns is automatically downloads to the FASFA.
Since you’re abroad, your parents’ may not have W2’s. What is used in your country?
Are you parents also American citizens?
As far as submitting tax documents to the schools: some schools have an online system where the documents, after conversion to pdf or some other compatible format, can be uploaded. This is probably the most convenient way to do things. Other schools use a service called IDOC that requires you to mail the forms to IDOC, where they will then be converted to electronic format and transmitted to the school. Faxing may be an acceptable method of transmission, and sending via regular mail may also be an option, although for some reason you say that you can’t do that. Because of security concerns, I would not recommend sending via email attachment. The schools should be able to tell you what methods are acceptable to them in order of preference.
There are very knowledgeable people here that can answer questions and you should definitely make use of the resource.
However, I also suggest you have your parents help you. They are the ones most knowledgeable about their finances and would be more likely to understand what is being asked. Very few people come into this process already an expert. We all had to learn. As a general rule, it’s easier for an adult who has worked, saved, invested and just plain has more life experience to figure this out than a kid.
Why didn’t your parents give you their 2015 information?
Are your parents American citizens? Please answer that question. It will help folks here help you.
If you haven’t already submitted your forms…you really should,use best estimates for 2015, not info from 2014. The on,y time you should use 2014 for,this fafsa/Profile is if the incime in 2014 is almost the same as 2015.
My bad yes I am a US citizen as well as both of my parents. We have a residence in New Jersey as my father travels around.
They still didnt file their 2015 @thumper1 @“aunt bea” @ClaremontMom
Well…if your parents are U.S. citizens living abroad, I believe they are required to FILE a U.S. tax return annually. This doesn’t mean the will have to pay U.S. income taxes (there is a foreign income exclusion), but they must file. It sounds like they have done so.
So…you can complete your FAFSA and Profile using estimates and a “will file” status…using best estimates for 2015 tax year numbers.
@lostaccount you can’t just use IDOC for every school. You can ONLY use it for colleges that participate in the IDOC process. Period.
The OP just needs to look on the financial aid pages of the college websites…and do what is required, meeting the deadlines.
If your dad and mom work for a foreign company, the might not receive w2 forms. But your oarents should certainly be familiar with what a w-2 is. It is the firm employees receive that states their income and all deductions for 2015. It is possible your oarents receive some other form which provides this information. What do your oarents use to complete their tax forms?
Nobody has…you use estimates to file FAFSA and CSS Profile until you actually file your taxes. Then you update. LIkewise you can’t send W2’s (assuming your parents get them) until you get them (by end of January) or tax returns until you finish them (hopefully soon after that).
Use the last paycheck of the year to estimate payroll income, use the last bank statement of the year to estimate interest/dividend income.
(I don’t know anything about living abroad, or working for non-us company)
Im not quite sure; but just what I understood now.
I should send fafsa and CSS electronically. Send colleges 2015 tax retun through IDOC (but only those that are member to that program). The rest I have to send electronically through their website after I make it into a pdf file?
What if I dont recieve the 2015 before February 15. Is it like recommendation letters where I can send them later or do I just send the 2014 version
You have to check each college website to see how they want you to send returns, especially the non-IDOC schools. The schools are worried about security, so their requirements may vary. Your parents should plan to file their 2015 return ASAP. They shouldn’t wait until April or get an extension beyond that. Each school has a lot of detail on their website, but the process is not very standardized. We made up a spreadsheet to track each school’s requirements, due dates for various forms, method for sending them, etc.
Again, you do the FAFSA and CSS with 2015 estimates…You can do that now (i.e. before Feb 15). I doubt there are any deadlines to send the tax returns until April 15. (But I recommend doing it as soon as taxes are done and doing them ASAP – i.e. as soon as W2s are in)
Check each schools website, they will have exact dates for deadlines.
Actually…any financial,aid,award you get using that “will file” status…and estimates…will be an estimated financial,aid,award.
Your financial aid award will not be finalized by the college until you update your FAFSA and Profile,to,reflect completed 2015 tax forms. Since your parents are U.S. citizens, they are required to file a U.S. tax return. They will be required to link this tax return to the FAFSA using the IRS Data Retrieval Tool. They can’t do this until 2-3 weeks after they file,their return.
So…I would strongly suggest your parents get their 2015 taxes done ASAP after Fwb 1, when they should have all the necessary documentation to do so. This is NOT the year to wait until April to do,your taxes. You want a firm and final, not estimated, financial aid award in time to make your college matriculation decision by May 1.