<p>We just finished our taxes and we owe a significant amount this year. Does the amount have to be paid in full before you can use the DIT or will a payment suffice? We were selected for verification and need to compare packages.</p>
<p>Look at the table here under when will the DRT be available:</p>
<p><a href=“http://studentaid.ed.gov/fafsa/filling-out”>http://studentaid.ed.gov/fafsa/filling-out</a></p>
<p>If you don’t pay in full it will be May or June depending on whether you e-filed or paper filed. </p>
<p>Thank you, that is exactly what I need to look at. </p>
<p>I have one more question -</p>
<p>Should I manually go in and make corrections to the FAFSA? We estimated and there are corrections to make now that our taxes are done. We were chosen for verification and will not be able to pay taxes in full before May.</p>
<p>Yes, you can go in and manually change the numbers on the FAFSA to reflect your 2013 taxes. However, your verification won’t be able to be completed until you can use the DRT or can provide a tax transcript (if that is what the colleges request)…and I think you need to pay your taxes to get those…maybe I’m wrong!</p>
<p>Any chance you could take a short term loan, or home equity line to pay ASAP?</p>
<p>Thumper - </p>
<p>One does NOT need to pay ones taxes (in part or in full) in order to obtain a transcript or use the DRT! Returns with balances due are simply processed later than other returns. They are generally held at the back of the queue until early May. Since a transcript isn’t available until the return is processed, the DRT for those late-processed returns isn’t available until later in May. Making a payment at that point won’t speed things up at all.</p>
<p>Some colleges will make tentative award packages available before verification is completed, and others won’t. The OP should contact each of the colleges and find out if they’ll issue a tentative award prior to verification. If the answer is “no,” then you need to find a way to get those taxes paid in full ASAP.</p>
<p>As has been noted in previous threads, the year your kid is applying college is the one year to get everything done as early as possible!</p>
<p>Regarding being at the back of the queue…this would mean that the student might NOT have a finalized financial aid award before the matriculation decision date of May 1. </p>
<p>And dodgers…we agree, actually, it would be prudent to get the tax bill paid, if possible, to avoid being at the end of the line.</p>
<p>I called my son’s top three schools and they all will issue estimates based on what was entered. In fact, we have already received one such estimate. We will be ok being at the back of the line. We’ve done all we can do. When you’re dealing with a small business, things change from year. We usually get an extension and file in Oct., and have had big refunds for the past three years. I think we’ve done pretty good getting our taxes done as early has we have.</p>