Major HELP on tax transcripts ordeal!

Paying for College
1

<p>Okay, so I figured out that I need to contact the IRS for tax transcripts because my parents are separated but filed jointly and I claimed my mother's information on FAFSA. </p>

<p>But I'm so confused with this whole thing. My questions are these:
Do I need to get multiple tax transcripts for every college I applied to?
When I get the tax transcripts in the mail, do I mail them to the colleges?
When I order them do I need to specify any other information other than the year I need?</p>

<p>I think that is it for now. If you can answer any of the questions or can at least give me some advice about this whole tax transcrips thing I would eternally grateful!</p>

2

<p>We always keep a couple photocopies of our taxes every year. All pages. Last year, colleges were then given copies. We didn’t have to order “transcripts”. Don’t your parents keep copies of their taxes you could just send?</p>

3

<p>I don’t know if I can do that. I know they have copies but doesn’t it have to be from the IRS? And since that paperwork shows both my parents information, will they strictly be looking at my mom’s income?</p>

4

<p>Tax return transcripts are different from tax returns. They are documents sent directly by the IRS summarizing your tax return information. I got chosen for it by Cornell, called the IRS and they said we have to wait until April 15th when they finish tax returns in order to file for a tax return transcript. </p>

<p>You can order them online from here:[Order</a> a Transcript](<a href=“http://www.irs.gov/individuals/article/0,,id=232168,00.html]Order”>Get Transcript | Internal Revenue Service)</p>

<p>Or call 1-800-908-9946</p>

<p>Or fill out the 4506T and mail it to the IRS: <a href=“http://www.irs.gov/pub/irs-pdf/f4506t.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/f4506t.pdf&lt;/a&gt;&lt;/p&gt;

<p>First two options will have the transcripts mailed to you in 5-10 days.</p>

<p>Mailing the form will take about 30 days.</p>

5

<p>Okay, so I will most likely order them over the phone, but do I need to order one for each college applied too (8 in total)??</p>

<p>I wish I could just use the IRS Data Retrieval Tool, but I can’t!!</p>

6

<p>You need to order one for each school that requested one. They are free, so there shouldn’t really be a problem.</p>

7

<p>I don’t know why you would need to order more than one. Order one, make copies, and sign the copies before you send to the schools. You can call each school to make sure that is okay. I don’t see why it wouldn’t be.</p>

8

<p>We’ve been giving copies of our tax returns to colleges for about the last 7 years. Those are no longer acceptable for federal financial aid. Starting with aid for the 2012-2013 school year, all colleges are required to get tax transcripts from all students applying for federal financial aid (if you are filling out a FAFSA). It’s a huge headache … for students, parents, and college financial aid departments, from all I can tell so far.</p>

9

<p>Sounds to me like ordering something free online is not much of an ordeal, and a lot easier than making copies of entire returns, which can be very lengthy if you own a business, for example.</p>

10

<p>The IRS site only allows you to order 1 copy at a time. They expect you to copy it and send the copies to various schools. If you try to beat the system and order one today and one tomorrow, the system will remember you and tell you to wait 15 days or so before you reorder. Copying the form takes much less time than waiting for the system to reset. Also just becuse you applied to 8 schools doesn’t mean they will all request it. Out of 6 schools I got 1 tax transcript, 1 copy of return, 1 copy of return and transcript and nothing from 3 schools.</p>

11

<p>lookinup is correct. They tell you on the IRS web sight you only get one for the tax year and you are suppose to make copies. It said nothing about a reset. I just went through this.
After I ordered online I got nervouse so I went to the local IRS office. Was there when they opened. I was out 15 min later with a copy of the transcript. I am sure you have to take parent with you :). Also I was worried that they would not give me a copy since I had ordered one already on line. They said no problem and made the copy. The April 15th. comment is BS. You can get a transcript as soon as they process your return. Efile and it is avalable fast. Paper file and it slows things up.</p>

12

<p>There doesn’t seem to be a new rule that all colleges need transcripts starting this year. SOME schools seem to be asking for them, but none of our three schools did. One school needed nothing, one needed IDOC (sent copy of return, W 2’s etc…), and one selected us for verification (also sent copy of return). Everything processed smoothly and we got offered aid packages. Now we are not Pell eligible or anything…maybe that’s the difference?</p>

13

<p>We were verified. The college wanted a copy of the actual return with all of the schedules and we then had to sign it . We keep a home copy so it was just a pain to copy it.</p>