<p>Hi all,</p>
<p>I have already filed the FAFSA and the CSS for every school I have applied to and I have met all deadlines. </p>
<p>However, now, my parents realize they have messed up on their tax returns, and so we must file a 1040X. What do I do as far as my FAFSA and my CSS Profile??</p>
<p>Thank you all for your time! I would greatly appreciate it if you would share your thoughts, any constructive input is appreciated!</p>
<p>How badly was it messed up? Is there a big difference? I would notify the colleges about this mistake and send them 1040X as a proof. As soon as the IRS processes the amended tax return, you would probably be able to link it to your FAFSA again.</p>
<p>Thanks Seatac, I guess I will call some of them and perhaps the FAFSA/CSS people too.</p>
<p>Has anyone else ever had to file this 1040x? What should I do?</p>
<p>It’s not a big deal filing the 1040X. However, it has to be filed on paper (no efiling) and the IRS says 8-12 weeks to process, if memory serves.</p>
<p>@weatherga: what exactly do you mean the IRS needs 8-12 weeks to process it? Does that mean that I won’t be able to correct my FAFSA/CSS and stuff until 8-12 weeks later?</p>
<p>Or does that mean that my colleges won’t know that I’ve filed an amended tax return until 8-12 weeks later?</p>
<p>From <a href=“http://www.irs.gov/taxtopics/tc308.html:[/url]”>http://www.irs.gov/taxtopics/tc308.html:</a>
</p>
<p>You submit the 1040X on paper, by mail, and the IRS takes 8 to 12 weeks to get it processed in their computer system.</p>
<p>You can update FAFSA by entering numbers yourself at any time, but according to the IRS’s estimates, you are very unlikely to be able to access the updated numbers via the FAFSA IRS Retrieval Tool within the next couple of months.</p>
<p>There’s a checkbox on FAFSA for “filed an amended return.” When that box is checked, FAFSA doesn’t offer the IRS Retrieval Tool for the return in question (parent or student). After the amended return has been filed, log in to FAFSA and enter the updated figures yourself. Also check the “filed an amended return” box.</p>
<p>Updating the CSS Profile and notifying colleges is something you’d have to do offline anyway, and of course you can (and should) get right on with that as soon as the amended tax return has been filed.</p>
<p>We had to correct our taxes with 1040x and send copies of updated profile. I called D’s prospective schools & they recommended we mail copies of this so we will have the most accurate financial aid if she’s admitted. Didn’t seem to be a big problem but something important to handle so we’re heading to post office tomorrow. (Once you complete the 1040x you don’t have to wait on the IRS to submit to prospective schools- just send a copy. D schools primarily required IDOCs and were happy for us to mail updates.)</p>