I just want to throw this out there: If your FAFSA has been selected for verification & you have been asked to submit documents, it is best NOT to make any changes to the FAFSA. Once the school has the correct information, they will make whatever updates are necessary, and they will submit the changes to the processor. Leave corrections to the school once verification has begun.
One of the documents on my verification to do list was to to give a transcript for taxes or to import it with DRT. I loaded my transcripts but it went is as a correction will that cuase problems?
You already did the 2015 amendment? (1040x?) Your transcript should show what is on file with the IRS, and if it is a amendment, that’s what it should show.
If you did an amendment, you can’t use DRT.
Where did you load the transcript?
I cant do anything with the taxes until monday I didn’t find out there was a issue till friday afternoon. I used the DRT because its what the verification to do list said to do it loaded tax info but it looks right as in when i ran my numbers through turbo taxes tax caster it says i should have paid about 1800 and the taxes paid box on the fasfa imported a few dollars above 1800. im calling the IRS and going to the campus monday
Yes check with the school what they require. They might want a copy of the original return, W2, and the amended return (1040x form), once filed.
That should show them that the income and taxes paid amount didn’t change.
I would guess that the amended return will take a while to process.
Hopefully the school will be able to process the aid without a transcript but you might have to provide one to them later when it’s available.
Do you have $2000+ if necessary to pay with the amended return for underpaid tax, interest, penalties?
*opens wallet * lets see i have half a pack of gum a quarter- no wait thats a nickel and a campus coffee rewards card
I dont but I was looking online and alot of people said they will let me do payments
You got a refund of money you weren’t supposed to get (social security/medicare tax). The longer this drags out, the more interest you will have to pay. And you would have to ask the school if your aid can be processed before transcript is available.
Make sure you get some professional help with your 2016 tax return. And don’t file the return until you actually have the W2 in your possession and have checked that it is correct (compared to last paystub).
^hopefully you will get your W2 in January this year and can file your 2016 return soon and if you are due a refund of federal tax withheld, that might help pay the amount due from the amended 2015 return.
UPDATE: Went to the campus and got everything worked out they didnt even need my W2 becuase i used DRT to load my transcripts, I called the IRS and the woman was amazingly nice she said they had fixed the mistake after the refund had been sent because they didnt get W2s from my job untill late. She said I do owe money but they wernt actively going after me because of the amount. I set up a payment plan and the woman is sending me information on taxes in the mail
THANK YALL FOR ALL THE ANSWER AND HELP! it would have been a much more stressful weekend with out all the info you guys game