Can I assume, that if I owe taxes that a tax transcript will not be available until I pay what is owed? If that is the case and I sent in my payment April 1st, how long after the govt rec’vs / applies it will the transcript be available to download? Thanks!
Did you “send it in” or pay it electronically? Makes a difference.
And a tax transcript will be available even if taxes are owing, but likely not before mid-May at the earliest. Returns with taxes owing get booted to the back of the line for processing. And if you filed earlier with taxes owing, you may already be at the back of the line . . . I’m not sure if making the payment after the fact expedites the processing.
Thanks @dodgersmom - I sent it in via mail so I know it will take a week or more before it actually arrives and another week at least before it will get applied. I filed in early March. I’m trying to fill out a Special Circumstances form which requires a tax transcript and I’m afraid sending it in late might reduce the chances/amount of additional aid they may be able to offer. In addition, I was hoping to have an answer before accepting the scholarship they gave my D. Any advice?
I’d send a copy of your tax form (signed) with a note that your tax transcript isn’t yet available but you’ll send it as soon as possible. For DD#1 child, the FA office wanted this, a hard copy of the signed tax form. Processed with no problem. The other child’s FA office insisted that it was a FEDERAL LAW that they had to have the tax transcript. Well, I doubt the first school is breaking federal law. I think there is some leeway in the interpretation. Even if there isn’t, and you DD’s school can’t process it officially until they get the transcript, maybe they can look at it and have it all ready to go when they receive it?
The fact is that the tax form for last year shows you made a bazzilion $$ and your other documents in support of your appeal state you will not make that much this year. It really shouldn’t matter that much what the amount of earnings was last year(which they have since the EFC was based on that) , just that you’ve had a change in circumstances and this year will make XXX, not ZZZ as predicted.
Thank you @twoinanddone - In my case I’m making the request because of a loss of benefits so I would think that documentation on that would be more important than my tax info, although they ask for it in ALL circumstances. I think I will do what you suggested and send them a copy of my signed taxes from this year and include the note about the transcript not being available yet. At least I can get the ball rolling and fill in the gaps when I’m able.
I don’t believe there’s anything you can do to expedite the processing of the return. If it weren’t April, I’d suggest calling and asking if your payment will speed things up at all . . . but, at this time of year, it may take just as long to reach them by phone as to get the transcript back!
Agreed @dodgersmom - I will just send a signed paper copy to the FA office, explain the situation and let them take it from there. Thanks for your help!
I may run into the same problem on a couple fronts. I am the non custodial parent and I still owe taxes, can’t pay until Apr 10. I don’t think my daughter’s school will want mine anyway. But her mother filed an amended return but hasn’t sent it in yet, so her tax transcript will not be ready or will not match the FAFSA. My question is this…all 3 of my D’s final schools use the IDOC service, so they already have access to the taxes, included the amended return. So why do they need a tax transcript if they have the tax forms?
Agreed @dodgersmom - I will just send a signed paper copy to the FA office, explain the situation and let them take it from there. Thanks for your help!
They need the tax transcript in addition to the tax forms likely because unscrupulous parents in the past provided an alternate version than what was actually filed.
I’m sure, and it’s probably more work than they want to deal with, but most people use the DRT so they’d have the filed formso the school could see if there were major changes to the taxes… I’m rather mad at the school that demanded the transcript because it has continuously lost things, not entered them into the computer (asked for replacement ACT scores, grad transcripts), caused a delay in registration, screwed up meal plans and housing, actually SHREDDED a FA appeal I filed…and the answer always is OOPS, so sorry, send it again. So, when it said it was federal law that a transcript was required when another school didn’t require it, I say there are different ways to interpret the transcript requirement. That school has the right to require it, but don’t say it’s the only way.
Another question - my accountant filed my taxes electronically. If I print out a copy to send in, what date should I put on after I’ve signed it - the date I printed it out, the date it was filed, or the date I made final adjustments to my FAFSA to match my taxes. The original estimate I put in FAFSA was extremely close to the actual filling, off by only a hundred dollars or so.
I would put the date you signed the 8879.
That makes sense, thank you @Madison85