<p>I plan on attending Arizona State University next fall. My parents havent filed their taxes yet. My Dad has a law firm partnership. So this means that he files his taxes later than everyone else. He will be filing on October 15th. So the school year will already have started before they file. Will this prevent me from getting my financial aid? </p>
<p>Will they be able to give me my financial aid based on our estimated 2012 taxes. </p>
<p>-Thanks in advance for any answers</p>
<p>It depends on the level of verification they require. If they need a copy of his tax return for verification, he may need to try to file earlier than October 15. He obviously delays because he has information from the partnership to include, but that information should be available long before October 15 - that’s just the deadline he is given when he gets an extension. He needs to get in the habit of filing sooner, and the partnership needs to get in the habit of completing their paperwork sooner too. At some point he’s not going to be the only one with a kid in college.</p>
<p>Have you already filed for financial aid, filled out the FAFSA, and gotten a preliminary award? Though you will be given federal (and state if any) entitlements, it’s a late to be getting some of the awards. Many are likely gone. Also what kind of need do you have? Are you going to be getting anything other than the Stafford loans and your parents being cleared to apply for PLUS? Usually those with the kind of tax issues your father has are not people who are PELL eligible. Also UA does not guarantee to meet needs, so you’ve likely missed out already on any fo their fnds.</p>
<p>If you are truly missing out on a lot of possible aid, that is, if your FAFSA EFC is significantly lower than the Cost of Attendance (COA) of the school, then in future years, have your father file his taxes early with the best info he has, so you get a crack at the Arizona funds which do run out, then file an amended return in October when he has all of his information. I suggest he pay a little more than what he thinks his taxes are going to be so that it stems any issues on the federal/state agencies, and that you have refund money ready if you are given too much aid as you will have to report the corrected return I would only do this if you are entitled to a sizeable amount of aid.</p>
<p>Yes I already filed my fafsa. They gave me my financial aid packet. And I have already accepted my scholarship. But not the loans. I got $5500 in stafford loans, and the rest is parent plus loans which I have not accepted yet.</p>
<p>The loans you will have to go through the on line apps to get for the first time and get your Master Promissory note signed. Parent loans through PLUS, a parent has to do the application, and undergo a credit check. One of you parents might want to see if s/he is eligible by starting the process and see if s/he is declined. I think the actual MPRs have to be signed within a certain number of days before the funds are released or a new MPR has to be done, so your parents can simply abort after the approval and not actually take out the loan until it is time. But it’s a good idea to make sure they are able to take out the loan and take care of any impediments now. You are not in a good place if denied right when you need the money. By doing it early, one can often fix whatever item is causing the denial, which would be any past due accounts and fly through the approval when it’s time to do it for real. Your parent can do all of this one line in the privacy of home. With a FAFSA already on file, it is not that difficult. </p>
<p>Has the school requested verification? Some don’t. But if there is an issue where they want those tax forms filed before they finalize and release the funds, you do want your parents taxes filed and, sooner is better than later. IT takes time for all of these things to come together like two, three weeks even more after the forms are filed and before any of this gets processed. Even the easy peasy stuff that is all right there can take that much time before funds are released. I suggest you get your parents to go on a monthly payment plan to buy some time. That way the annual required payments are split into however many payments, and sooner buys you more time than later. They are interactive and will auto adjust as loan and fin aid get credited, I have found. But it buys you time so that you don’t get put on a freeze and get charged late payments.</p>
<p>I didn’t get flagged for verification. So does that mean It wont matter when my parents file their taxes?</p>
<p>My brother did get flagged but hes at a different school.</p>
<p>Just be aware that if you get flagged for verification, nobody’s going to give you a break based on your dad’s habit of filing on October. That’s his choice.</p>
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<p>In theory, it should be available no later than September 15th. But I’ve seen plenty of K-1s that trickled in in the first week of October, even when the managing partner wanted the return finished sooner. OP’s dad (particularly if not the managing partner) may not be getting his K-1 long before 10/15, and may not be able to file a complete and accurate return much sooner.</p>
<p>Regarding the suggestion that parents file an incorrect and incomplete return to facilitate financial aid: since you file any return under penalty of perjury, attesting that it’s true, correct, and complete to the best of your knowledge, intentionally filing a false return is technically a crime. There’s no provision in the tax code for filing an estimated return.</p>
<p>I just asked my Dad and he said he cant get the K1’s any earlier. He said he will ask their accountant but he doesn’t think its possible. </p>
<p>Also my brother is going to South Dakota School of Mines and Technology next fall. And he got flagged for verification. And my parents have been talking with them and basically they are saying its impossible to get loans for him this year. Because they wont give loans based on estimated returns. Hes thinking he might try to get private loans now. </p>
<p>How can they set up the system so people with K1’s cant sned their kids to school?</p>
<p>Im also now hearing that both of my sisters had this issue in college. But their school gave them interim loans until their main loans went through. But they went to a small private school. I doubt Asu will offer that to me.</p>
<p>Call the IRS support number. But really, the returns are valid with the info they have right now. Until the K1s arrive, there is no to file any differently, and just refile them at that time. That’s what I’d do.</p>