Which year W2s and Tax Returns?

Paying for College
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<p>I'm aware this may be a dumb question, but I don't want to do something wrong and then totally screw up my chances of getting FA. I was looking at a bunch of college websites to compile a list of deadlines for the FAFSA, CSS Profile, etc, and most of them said that they wanted 2013 tax returns and w-2s. Is this just because they haven't updated the webpage yet and they will actually want 2014 W-2s/tax returns? Or do they actually want them from 2013?
Also, when a college asks for W-2s, does that mean the student should submit his/her w-2 as well?</p>

<p>Thanks for the help!</p>

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<p>For the 2014-2015 school year, you would use the returns from 2013.
If student is a senior, MOW, they will be applying for the 2015-2016 school year & will be eligible to file FAFSA on 1/1/2015, and would use 2014 tax info.</p>

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<p>Thanks!</p>

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<p>Um…you need to check those websites VERY carefully especially if you are applying EA or ED. Some of the ED/EA colleges have an early priority deadline for the Profile and it is long before January 1. It’s usually by November…and you definitely don’t want to miss DEADLINES. For students who are HS seniors NOW, some of those schools WILL want your 2013 tax returns…and oddly some specify that they want the 2013 info on the Profile if you file for the November deadline.</p>

<p>If you see a request for 2013 tax returns now on a college website, give the college a call and see what they actually do want on a priority deadline Profile. The school will tell you what to do.</p>

<p>I would say…in the majority of cases, you will be completing that Profile for the November deadline using 2014 tax and income estimates. BUT do ask…because if they want 2013, then that is what you send them!!</p>

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<p>I’m not applying anywhere ED, so would that mean they’d only want 2014 stuff? I’ll most likely just contact each college anyway just to make sure.
Thanks for the reply!</p>

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<p>If you are completing your FAFSA and Profile after January 1, you will use 2014 tax year information. You want your parents to complete their taxes ASAP after February 1 so you can link to the IRS retrieval too. </p>

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<p>@thumper1‌ Oh ok. But what if a college wants the tax returns really early?
<a href=“http://www.bc.edu/content/bc/offices/stserv/financial/finaid/undergrad/applying_for_aid/prospective.html”>http://www.bc.edu/content/bc/offices/stserv/financial/finaid/undergrad/applying_for_aid/prospective.html&lt;/a&gt;&lt;/p&gt;

<p>Boston College seems to want the tax returns for 2014 by Feb 1st. (Since the page was made for the 2014-15 academic year and I’m applying for 2015-16, I just increased all of the tax information years they wanted by 1 if you were confused how I got 2014 when all of the numbers on the page say 2013) Is this even possible? I thought you only got your tax returns after you did your actual taxes?</p>

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<p>Your parents need to file their tax returns to comply with the deadlines on your college application list. If that is a firm deadline of February 1, then they need to do their taxes that day, and file.</p>

<p>This is not the year to file taxes in March or April. They need to be done ASAP!</p>

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<p>@thumper1‌ Ok. What happens after we file then? Do we somehow link the colleges to the information or fax it to them? And is there a processing period after they’re filed or can we give them to colleges right away? The reason I’m stressing is that my mom’s identity was stolen a few years back so now she has to paper file her tax stuff. Could I still get all my stuff in on time?
Thanks again for all this help</p>

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<p>Some EA schools end up wanting both years. U of Chicago, for example, had us send the most recent return we had (for an applicant this fall it would have been 2013), and then had us send the next year as soon as it was available. </p>

<p>OP. you need to check the website of each college very carefully to see what they want and when they want it. We made a speadsheet of everything to keep track. We put schools down the side, forms along the top, with a column for each form of whether it was needed for a given school, how they wanted to receive it (mail, fax, this thing called IDOC that you may hear more about later from colleges), when it was due, and whether it had been sent. Each school has their own way they want it sent. But filing paper isn’t a problem, just be sure you have a copy of your mom’s signed form with all pages of the federal return before she mails it off. The colleges will want W-2s from you (if you have one) and your mom. And tax returns from both if they exist.</p>

<p>Also… not sure if your dad is in the picture at all, but many colleges require forms and tax information from non-custodial parents and also spouses of either parent as well. That adds complexity to tracking and making sure everything gets in. And, of course, if a college asks for that income and asset people from those extra adults, it is because they expect them to cover some of your costs. Regardless of whether they intend to or not, the colleges don’t care – they will reduce your aid with that expectation. Some colleges don’t ask for info from the other parent (or maybe yours is deceased or whereabouts unknown), so this may or may not affect you.</p>

<p>Also, @thumper1 is right that you need to discuss with your parents that they need to get their taxes done ASAP this year. Honestly, Feb 1 is unrealistic for some people. I have a small business, and the business returns feed into my personal returns. End of Feb is the best I can do, but that has been fine for FA purposes. But some parents are used to waiting right until April 15 (especially if they owe money) or even getting extensions after that. This will cause you problems with the financial aid offices. Some schools run out of money, and students who get their applications in late get less aid. If you can’t make the deadlines the schools have given, notify their FA office and get the forms in ASAP.</p>

<p>And by the way – these are NOT dumb questions. This is one of the most complicated parts of applying to college. If you aren’t sure, call the college financial aid offices and ask questions. They are used to these calls and can help clarify anything you aren’t sure about. One thing to be sure to do is to keep an eye on any email address you give to the colleges for any communications (on financial aid, admissions, other topics). You don’t want to miss any communications about this stuff.</p>

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<p>@intparent‌ Thank you for all of the info. Yes, I’ve been in contact with my dad about the noncustodial profile and I’m hoping to hear back from him soon. If I don’t hear back from him I’ll try to get all of the legal info together to be able to waive that. For the past hour or so I’ve been combing through all of the websites of colleges I’ll be applying to for deadlines and such and I have been creating a spreadsheet on that. I’ll start sending emails to the colleges that I’ve got questions about and such. Also, should I be filing my taxes even though I don’t necessarily meet eligibility (I think the figure is $5,000 in earned income in order to need to file. Haven’t gotten close to that)? It doesn’t seem like many colleges have non-filer’s statements for students so they expect us to file?</p>

<p>Thanks again!</p>

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<p>Were taxes withheld from your job? If so, file and get your money back.</p>

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<p>If the IRS doesn’t expect you to file and you don’t want to (although if you had taxes withheld, you should, you will probably get them back!), then colleges don’t require you to.</p>

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<p>Wait, seriously? I can get extra cash just by filing? Yes money for FICA and Social Security were withheld. I’m able to get that back? Awesome. Thanks!</p>

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<p>^^^
No. You will not get FICA (which includes Social Security taxes) back… at least until you retire. If you had any state or federal income tax withholding and you end up not owing any income taxes for the year, you should file anyway to get the income tax withholding back. Look at your pay stubs to see what and how much was withheld.</p>

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<p>Ah gotcha. I’ll look. Thanks!</p>