Reply to Financial Aid question about turning in 1040 for 2011

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm sure many of you have already turned in your 2011's 1040 for your FA application.  We just received our 2011 W-2 from my DH's employer, and are about to have our taxes done.  We have moved, changed jobs over the last year, and we have to do a multi-state (3) tax returns which complicates the tax matter.  If you don't turn in your 1040 for 2011 some time before the admission and FA decision is made, would the schools eliminate you from the list?   I did turn in our 1040, W-2 for year 2010, but that was just so the school could see what kind of income you made the previous year.  The school website says to turn in the 2011's 1040 ASAP in order to be considered (finalized) for the FA award.  The decision letter should be sent out in less than 3 weeks.  My DH doubts we will have our 1040 done by then.  But I really do not want to lose the chance on FA so I will stay up all night until we finish our tax.  I asked a local tax pro how long it will take for our taxes to be done, and he said not until next month.....  So it may be faster if we do our own taxes, even if doing multi-state tax filing is challenging.  My head started spinning......  Please share your advise.  [/quote]

The deadline for getting your PFS done on line is[b] Feb 15th, I believe for all schools[/b]. It may be Feb 5th for some. This is with all of your 1040's  and W-2's uploaded onto the PFS site a couple days ahead of Feb 15th so that they can be processed by 15th. It is written in stone. No FA application, no FA. At this point applications are being reviewed, decisions being made and letters written to b posted on March 1st. Tens of thousands around the country apply for FA every year. There are no exceptions, special cases and, " buts..."[/quote

Our school's deadline is 2/17 ... not much time beyond 2/15, but a little.  I filled out our family's financial statement on SSS tonight, and it looks like there is a delay of up to 72 hours right now to process info.

Last year, I discovered a mistake in the 1040 after I had submitted it to the school (but I had not yet submitted it to the IRS).  We already had our FA award at that point -- I called the school, and they said they would receive a copy of our filed 1040 anyway, so not to worry.  (I think the mistake was within a $100 range -- so not big for FA purposes, but it meant the 1040 I had submitted through SSS was not accurate).

I would say do the best you can on the 1040 with the information you have -- if you have all of the w-2s and the info you need to fill out Schedule A, it shouldn't be that bad.  [/quote]

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