Parents Will File Taxes Late.......

Paying for College
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<p>My parents have sent our financial information from the 2006 tax year because our 2007 tax returns are not ready through FAFSA and PROFILE. Now PROFILE now wants me to send parts of our returns through IDOC by March 4th. Unfortunately, two weeks ago my parents told me that there is absolutely no way that deadline can be met. The taxes also won't be ready for April 15th and we will apply for a deadline extension to file our taxes late as my procrastinating parents do every year. Financial aid may play a big role in my ability to attend the colleges of my choice. How damaging can this be to financial aid offers I receive? Will not being able to send our 2007 returns through IDOC disqualify me for aid at the school that requires it? (Northwestern) My parents offered to send copies of the 2006 tax returns, but I don't think we're allowed to do that. Thanks.</p>

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<p>You might want to call Northwestern and explain your situation. I don't know if it will hurt you or not. They may be willing to make some kind of tentative award for you based on the 2006 taxes, and then send you a final one after they get the 2007 info, but you really should ask them if they can accomodate you that way. Otherwise they have no idea why your stuff isn't in. Not saying they'll work with you, but they can't if you don't ask.</p>

<p>So call them, and if they basically say okay, then write up a letter confirming what you talked about, and send it the person you spoke to in Finaid. I have friends who have worked with NU's finaid -- some of the lower level people can be really anal, but there's a woman who's the head of finaid there that has proved to be very open-minded. So if someone says no way, see if you can talk to the next person up the chain. That's what my friends have had to do and it worked out very well for them.</p>

<p>Are your parents purposely trying to sabotage you? If they filed their taxes now, couldn't they file an amended return later if there's something they want to change?</p>

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<p>What about an estimate for 2007?</p>

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<p>I think the most important thing is for your parents to get a fundamental understanding of the severe damage they are doing to your college situation. Can a GC from school talk to them ? What if someone from NorthWestern talks to them ?</p>

<p>Also, why are they having such difficulty with their taxes? Yes, many people have complicated or difficult taxes, and most adults hate filling out all those forms. But you're going to have this issue the entire time you are in college, so it might be helpful to do some analysis now. Do they not have all the information - 1099s, W-2s, etc? Is it a lack of organization or time ? Is it possible to have a family "tax weekend," - cancel all activities, and everyone chips in and helps - totalling expenses & receipts, locating tax documents, figuring out the AMT, using TurboTax, whatever ? </p>

<p>Good luck - I hope NorthWestern is willing to work with you in this situation.</p>

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<p>Can your parents go to somewhere like H&R Block to get their taxes done? That's what my parents did, and their taxes were finished in one day.</p>

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<p>My DD attends Northwestern, and due to the nature of our business we file late returns. The financial aid office worked with us. You do need to call them and ask how they would like you to handle this.G'Luck!</p>

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<p>Thanks for the advice. I'll contact NU. We filed our FAFSA and PROFILE with the 2006 information, and we plan to update it whenever my parents are done. My dad does all his taxes at home on Turbo tax, so I'm not sure what to do to get them to finish it earlier. My school has a college scholarship/financial aid adviser, so I'll try talking to her too.</p>

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<p>The above is from the thread at the top about preparing for financial aid. It is important!! Yes...some schools will "work with you" but others will not. This item also relates to DEADLINES. The schools have them. The reality is that NO finalized financial aid package will be sent to you until the school sees FAFSA and PROFILE forms with the corrections that reflect your 2007 tax return. SO...yes, call NU. See what they tell you. </p>

<p>Most students want to know their FINALIZED financial aid package (and YES they CAN and DO sometimes change if the numbers on the estimated Profile and FAFSA differ greatly from the finalized one...case in point...my daughter LOST $9000 in grants at one school only. Her aid didn't change a nickel at four others). </p>

<p>The way to perhaps light a fire under your parents is to explain that you will not have a final financial aid package when you NEED to make your college decision by May first IF they wait and wait and extend and extend to complete their taxes and amend the finaid application forms.</p>

<p>But the poster above said NU worked with them...so call them...and maybe NU will work with you. </p>

<p>But keep in mind, that until your 2007 taxes are completed and the FAFSA and Profile (if needed) are amended to reflect the 2007 taxes...any financial aid award you receive will be an estimated award subject to the completion of your taxes. So...while you are "worried" about NU...the reality is you should be worried about ALL of your finaid packages!</p>

<p>The year your child is enrolling as a freshman in college is NOT the year to delay filing your taxes. The good news is that renewal forms are not due as early....but even renewals usually need to be completed before April 15.</p>

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<p>I just got a reply from Northwestern via email. (That was fast!) For them, everything's cool and if I get admitted they're willing to let me file a 2006 return with them for financial aid. (The final award will be updated during the summer when the 2007 returns are done.) I still don't know what will happen with my other college choices though. (Because most likely I'm getting rejected from NU.) But it looks like this crisis will be averted if all the other colleges are able to cooperate in the same way.</p>

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<p>I just got a reply from Northwestern via email. (That was fast!) For them, everything's cool and if I get admitted they're willing to let me file a 2006 return with them for financial aid. (The final award will be updated during the summer when the 2007 returns are done.) I still don't know what will happen with my other college choices though. (Because most likely I'm getting rejected from NU.) But it looks like this crisis will be averted if all the other colleges are able to cooperate in the same way.</p>

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<p>Just be alerted that your final award could go DOWN! If financial aid is a significant consideration...you want to get those taxes done so that you can make a college commitment knowing your finalized award...like I said...one of my DD's schools reduced her aid by $9000 when we updated our info. That is a LOT of money. The other schools didn't adjust a nickel...all were Profile schools that can use the information any way they please. If the bottom line is not an issue...than your finalized award probably isn't either.</p>