<p>I know we can estimate for our FAFSA and Profile filings, and then correct them when we actually file our taxes and have exact numbers. I've submitted FAFSA and am close to submitting PROFILE. BUT... my S has applied to 3 schools that require submission of your actual tax forms, and requires them by Feb 15th! My H is self-employed, and we are waiting on 1099 forms from people he has done work for. We have our own records with which to make a close estimate, but can't file a final correct tax return without all the forms. I am hoping we'll get everything by next week, but I am not sure we will.</p>
<p>So, like the FAFSA and PROFILE, can you send a "draft" tax return by Feb. 15th and then correct if if necessary after filing with the IRS? My impression from reading these schools' websites was that it was supposed to be a signed copy of the real form you submitted to the IRS. I can and will contact the schools, but I was wondering if anyone here has experience with this issue.</p>
<p>IIRC, 1099s must be issued to independent contractors by 1/31. But contact the schools anyway since the IRS is not expecting to have the tax changes completed until mid-February this year. I’m sure many people will be in your position!</p>
<p>Thanks sk8rmom, I had forgotten about the issue of the forms not being finalized! I can’t seem to find anywhere on the IRS site a list of which forms will be finalized when. Does anyone know where I can find such a list? I use H&R Block software and they state that an update will be available tomorrow, but I don’t know if I’ll have the full set of forms I need then or not. But I’ll at least wait until then to start contacting schools, since they probably aren’t available today anyhow :)</p>
<p>Because we itemize deductions, we can’t file our federal tax return either. I contacted the financial aid offices of the three schools that require us to provide our 2010 tax return by February 15. Two of the three said we could wait, and the third asked us to provide it in draft. Because our income dropped in 2010, I am going to send the draft to all three, with a cover letter from our accountant explaining why we cannot provide a final return. Our next deadline is March 1, and I will contact that school’s financial aid office if it looks like we won’t be able to file.</p>
<p>Since there is no consistent position, I think you should e-mail each financial aid office and get their preference.</p>
<p>In writing, request a certain extension in time from the financial aid office. Explain the reasons. I know of at least one college that will OK an extension - but only if you ask for it in advance.</p>
<p>Particularly this year, I think they would have a hard time not granting a reasonable extension. </p>
<p>If you have a draft tax form, I’d send them whenever that is ready, so they can at least do a rough calculation if they want. They can understand the magnitude of need for their budgeting. In the end, they probably won’t care about all of the details in the schedules anyway.</p>
<p>I’m not sure if this will help your situation or not but Turbo Tax has everything ready to go. You can get the taxes done because they have the updated forms. Once you submit they will hold the return until the IRS is ready to accept them. I’m sure you probably don’t want to purchase a different tax software from what you have but it may help solve your problem and alleviate some of your concern.</p>
<p>Some forms still aren’t finalized on the IRS’s site so I’m not clear how Turbo Tax can have finalized forms in their program. The last form I need is supposedly going to show up on the IRS website on Feb. 3 (or the 7th or the 14th depending who you ask, argh!) and it if isn’t out by the 3rd, I probably <em>will</em> purchase Turbo Tax just to get a copy of that one form! For us it isn’t just itemizing deductions though, we need form 8829 which the IRS has not posted on their website yet. sigh.</p>
<p>Is the Schedule A showing on the irs.gov website in final form, does anyone know? I printed one out last week to work on taxes as we are itemizing, and it looks final to me…? (We basically only itemize state taxes, mortgage interest and some charitable contributions).</p>
<p>As long as it says 2010 and is found in the usual Tax Forms section, it’s finalized. The forms that aren’t finalized are showing up with 2009 at the top, and you have to go to a different area of the irs.gov website to find the draft 2010 forms, which clearly state that they are drafts.</p>