Running into issues of timing due to d having to actually file a return and make a tax payment - FA Verification is required and thus FA package is still being processed by her school.
I assume that due to the check being sent, the 2-3 week delay for DRT now becomes 8-11 weeks. Can anyone attest to this. If the check cleared in mid-Feb, about when should DRT be available, and also when should the return transcript be available if we don’t wait for the DRT?
I wouldn’t wait on the federal government to do anything quickly. Skip the DRT and update the FAFSA manually.
The DRT didn’t work for my kid’s returns, so I entered the correction manually. It’s all good.
it’s not a correction, just need to satisfy ‘verification’ with either the use of the DRT (which involves submitting a fafsa correction) or sending in a return transcript - neither of which are ready yet. i’m wondering if anyone can share how long the delay is (before DRT or transcript is avail) when an actual payment (not a refund) is involved.
For next year, maybe plan on sending in estimated tax payments during the year so there won’t be a payment due hopefully and things will move more quickly.
OP - have you filed your 2014 taxes yet?
yes to both of these, just wondering about DRT and return transcript timing for this year … what should we expect? are my estimates correct?
http://www.irs.gov/Individuals/Transcript-Availability
From googling^^
Thanks Madison, nice job. it looks like there might actually be a problem with d’s processing (according to the table the transcript should be ready now) . much to my chagrin i guess we need to contact IRS. I appreciate the help.
thought i’d update this in case it could be of assistance to others in the future.
the problem we had was definitely due to d needing to make a tax payment. RECOMMENDATION: file an estimated tax payment or increase withholding to avoud this situation.
Our resolution actually involved contacting our state rep and getting the tax return transcript sent to us that way. the IRS ‘get transcript’ system still is on hold and we haven’t yet received our paper copy from them.
bottom line, do what you can to avoid having to pay taxes is fafsa is in your future.
For me, I just calculate how much IRA contribution for previous year I need to make in order to get a tax refund while filling up the tax return by software. Particularly with the education tax credit for previous year, it was very easy for me to turn an amount due into a refund. It may not work if you have a large income or a high tax payment. After a few trial to determine the amount, submit my IRA investment online, get the confirmation the next day and then file the tax.
The return transcript is not going to be available on line soon (they have to fix a fraud issue), but you can order a copy to be sent to you; order by phone or online. I’ve had to do this twice recently. The first one I requested on a Friday and it arrived the following Thurs. The second one I requested on a Wednesday and it arrived on Monday. Fairly fast turnaround.