<p>Question - many of the colleges my S applied to require tax returns along with the CSS profile. They have dates like 2/15 to send them in. I won't have taxes done by then, not even a draft. Still waiting for most of the forms needed to do taxes, including W-2. If I tried to estimate the tax return, it will be way off. What do most people do? </p>
<p>Also, we most likely will not get any need based aid due to a high EFC. Do we need to bother with sending tax returns in? We already did FAFSA and CSS profile based on estimates for the schools that need them. The only aid we might use is some loans. S did get some merit scholarships so far from some schools, but the other schools that required the CSS profile are not likely to give him any merit. </p>
<p>Most schools have a later deadline for sending the tax returns than completing the Profile or FAFSA. Check those deadlines again for the 2013 tax return. You should have all w-2 forms by February 1, as required. That should give you plenty of time to complete your return by the 15th.</p>
<p>I will have W-2 by 2/15, but I need many other forms for tax return and also have business returns, so there is no way to get it done by the deadlines the colleges state. I normally have to file towards the end of March at the earliest. One of the schools I checked wants tax returns by 2/15! What happens if you can’t get them the returns by then? Like I mentioned originally, we only want to possibly take out some loans. Not expecting any other aid, so is this really necessary?</p>
<p>I am in the same boat waiting for return data. However, I have already filed the FAFSA and did so by estimating numbers as best as possible. Go to your FAFSA form and start filling it out. You will see that it is not that difficult to do estimating and the questions asked are much simpler than a complicated 1040 gets into. You will however need to come up with some type of final “taxes owed” value after all the other income and asset data is entered/estimated. After I spoke to the FAFSA help desk, it is apparent that many do this estimation submission technique and schools expect the values to be estimations. The FAFSA form has a form field that lets you state this is an estimate and that you will be resubmitting after your returns are downloadable from the IRS. The deadline for your IRS form submission should be around March 1 for you to have the time for it to get processed at the IRS and be available for your download into FAFSA. It is essential that you electronically file your taxes to meet these tight processing deadlines. FAFSA does not care about state forms so only the fed level is important.</p>
<p>Call the colleges and ask. Their deadlines have been on their websites since September at the latest. This is NOT the year to delay doing your income taxes. </p>
<p>I’m not trying to delay doing my taxes, but I know for a fact that I will not have all of the forms needed from other parties to do my taxes, especially for the 2/15 deadline. I don’t even have a W-2 yet, let alone all of the various forms from mortgage companies, and others. It is out of my control to be able to do my taxes that soon. Do people just complete a rough tax return then amend it later? This seems to be a crazy requirement. Has anyone run into this problem? I guess I will have to call all of the colleges to see what I’m supposed to do. As I mentioned, we do not expect any financial aid, but just want the opportunity to get a student loan if we want/need to. </p>
<p>The year your child is a freshman is a tough one…because financial aid info has early deadlines. This is the year to make the earliest appointment with your accountant. If you are self employed, it is the year to get your books in order early so you can file early. Having your W-2’s by February 1 is required. Your employers are required to have them to you by then. Ditto those statements from the mortgage companies. Plus you should be,able to get your mortgage interest for 2013 by checking online…or by reviewing your last statement of 2013. </p>
<p>I know it’s a headache, especially of you usually do your taxes in March or April. But really, you should have everything you need to be able to file by February 15.</p>
<p>ETA…those who are self employed often don’t file until October. If this is really your issue, contact the colleges. You are not the only self employed person who files for that extension. Perhaps the colleges can tell you what to do.</p>