*URGENT* Amended taxes + IRS Data Retrieval Form

Paying for College
1

<p>My parents are self-employed and received an amendment to their income resulting in an increase of about $6,000. I received a tentative award based on my parents' 2011 taxes (pre-amendment). We were also selected for verification and I linked the IRS information to my FAFSA before knowing about the amendment, and our IRS and FAFSA information match up. Finalized financial aid awards are going out next week and there's no way the IRS will have receipt of the amended income by then.</p>

<p>My school requires either an IRS tax transcript or the data retrieval tool, which we already used. I think it will be too late to finalize my financial aid award once the amendment is processed by the IRS. I don't want it to seem like we're trying to get out of reporting the amendment since the IRS retrieval form explicitly states you shouldn't use it if you filed an amendment, even though it's only $6k. What should we do?</p>

2

<p>Contact the FA department… pronto. The 6k will have an impact on your award and they would rather deal with it now, as would you.</p>

3

<p>That’s the problem with amending, we had to make a small one this year also. I contacted two financial aid offices for my girls and they both said because they are second year, not to worry about it, but send the returns to them and correct fafsa when I can. They said with the new rules, it was causing a lot of delays.
I would just be honest with them, they would appreciate it. 5.000 isn’t a great deal but they can tell you what the difference would be in aid, whether they adjust it now or later. They are used to this and the quicker they are told, the better.</p>