<p>My daughter was selected for Verification and her school has requested that we provide a tax return by May 25. We have filed for an extension and we are unable to file due to a K-1 that has not been received...and presumably will not be received in time to file by May 25.</p>
<p>If we cannot provide our tax return, will she become ineligible for aid if we cannot get it to them by that deadline...despite the fact that she doesn't start school there until the fall?</p>
<p>Thanks so much....</p>
<p>Call the school’s financial aid office in the morning. They will work with you. They may ask you to send them prior year returns, and they will warn you that your daughter’s package will change if your final tax return numbers for 2013 differ from the estimates you’ve given them. But they won’t disqualify your daughter for aid if you can’t file the tax return through no fault of your own.</p>
<p>Thanks Math MomVT. Will the financial aid office discuss this with a parent or does my daughter need to call?</p>
<p>A parent can call. I do any direct interaction with the financial aid office beyond the very basics, even for my son who is now a Junior in college.</p>
<p>You better call yourself. Your kid would have no idea what a tax return or extension is. Parents deal with financial aid office all the time.</p>
<p>Arent K-1 due to be issued by March 15?</p>
<p>OK, so I called the school. She clarified that I need to send an affidavit indicating projected Adjusted Gross Income for 2012 and our W’s by the May 25 deadline. And, that the school cannot release any money to my daughter without a copy of our 2013 Tax Return…so it needs to be filed before her tuition is due.</p>
<p>I got very nervous…obviously…but hopefully all is OK.</p>
<p>This is the second time that she has received a verification, my son has gone through 4 years and he hasn’t ever received a request…</p>
<p>Sockermom, one of our kids was selected for verification all four years. That kid didn’t qualify for one penny of need based aid. The only reason we completed a FAFSA was to get an unsubsidized loan. So four times, we had to send all our tax returns, and everything else to the college…all to get a Direct Loan. </p>
<p>Sometimes it just happens, I guess.</p>
<p>If you still do not have the K1 by the time the tuition is due, see if there is a tuition payment plan at the school so that you only have to pay the tuition in installments. Usually available for a reasonalbe fee. That can tide you over until the tax return can be filed if you need more time. If it comes down to it that you will lose the financial aid if you cannot provide the copy of the 2013 Tax Return by the time the tuition is due, then just file the return as closely as possible and then file a 1040X when you get the actual information.</p>
<p>cptofthehouse --</p>
<p>I basically had the same idea. I e-mailed our CPA if we could file basically an estimated tax return…based upon the tax info from the year before since the info has not changed significantly, and then file an amendment. He has not yet responded but if this is what I need to do, I will probably do it…</p>
<p>thumper1–As they say, it is just the luck of the draw. We go on extension every year due to this K-1 but this is the first time it is going to really affect us if, so hopefully it will all work out.</p>
<p>Thanks for everyone’s help…</p>