<p>DH is going to efile our taxes tonight and then what happens? Since we have to pay, our return is going to be even more delayed than those getting a refund? Can nothing else be done until that tax return is processed and how will I know when it's processed to allow me to go in and update FAFSA?</p>
<p>What is my next step? I wait some unknown amount of time and then go back in and edit the FAFSA to say "filing complete" and put in the new numbers on the tax return. When can I do that? When I do that, there is an "irs data retrieval tool link" I will see in FAFSA that does what? Fills the numbers in the FAFSA for me? Once that is done, I wait a couple of days again, delete the current schools and add back in the ones that are left to do. Then is that the end of things for FAFSA? This seems like it will take longer than some of the deadlines of March 1st?</p>
<p>We got the little * for verification, too, so I understand that individual schools will ask us for more information. One school required a copy of 2011 tax return with the initial financial aid application so we signed and sent a copy but now I am reading that we need some "tape" thing for when we get verified. What is this tranaction tape, how do I get it and how much does it cost? Do I need it for sure? What else should I be prepared to do for this verification and what should I be getting ready or have done for that? </p>
<p>Then there is the CSS Profile. If the only things that need to be corrected are the income and taxes that are on my tax form, do I still need to send them a handwritten corrected copy or do the finaid offices of the schools match that up with the FAFSA form when the tax return is processed? I put the income as too high so I do want that corrected! Where is the link for IDOC on the college board website and when do I use that because a lot of the schools need that too? If I understand that process, I print a cover sheet and add in all the documents all the different schools want as shown on the bottom of the CSS Profile form. Then I mail that, right? Snail mail only, no fax? At that point, am I finally done?</p>
<p>Thank you very much in advance for your help. I checked the faq and have been reading enough to get pieces of information but not exactly enough to know what to do next. All the talk of the taxes being delayed is disconcerting so I want to be sure to have my part ready and organized!</p>
<p>You can file your taxes now. You just have until April 15 to pay what you owe. Once you have filed, you can change your status to filed. Wait about 2 weeks, then you can use the data retrieval tool.</p>
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<p>Are you sure that they are not requiring a transcript from the IRS (as many schools no longer accept copies of your tax forms)?</p>
<p>Schools are not allowed to accept your tax form for verification - they might ask for it for their own review, but if you are selected by the processor for verification, and if the selection is for income verification (it might not be …), you would have to do the tax transfer or send in a tax transcript. You can’t send it any earlier than it is available - and schools know that.</p>
<p>Thank you. They just listed a “copy of your 2011 tax return” and we sent it in. We’ll see if they say they want something else or maybe they are just waiting for the 2012 version.</p>
<p>“have to do the tax transfer or send in a tax transcript”=where do I find instructions for this step? </p>
<p>Any other tips? Do I have to fix the CSS Profile or will they get the updated info from the idoc or fafsa updates? That seems pretty important since I reported income too high! How do I get to the idoc link? Do I have to log into my account to see the link?</p>
<p>“have to do the tax transfer or send in a tax transcript”=where do I find instructions for this step? </p>
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<p>The tax transfer is done right on the FAFSA. There is a link right on the page when you go to [Home</a> - FAFSA on the Web-Federal Student Aid](<a href=“http://www.fafsa.gov%5DHome”>http://www.fafsa.gov). If you have to get a tax transcript, you can find out how at [url=<a href=“http://www.irs.gov%5DInternal”>http://www.irs.gov]Internal</a> Revenue Service<a href=“search%20%22tax%20transcript%22%20-%20they%20are%20free”>/url</a>.</p>
<p>You can’t change anything on the Profile, and you don’t need to contact the schools to tell them income info has changed - that is why they collect the tax info - they will review everything and make any necessary changes.</p>
<p>Thanks so much kelsmom. That really helps so much, especially the info for the CSS Profile! I thought I was going to have to go in AGAIN and fix that-ugh. The link for the tax transfer is great too. I appreciate your help!</p>