Tax deadline looming!!!

Well, it is almost April 15th and we all know what that means!!! It is the deadline for filing both your federal, and if you live in my state, your New York State taxes. Since this is a critical part of the financial aid process, if you haven't done your taxes, make sure they are done as soon as possible. Schools can choose to verify the financial aid application that is filed for a student, or may have to file because the federal government has chosen to verify that particular student. In either case, if selected for verification, be prepared to provide the school with the 2008 SIGNED taxes of both the student and the parent as well as the supporting w-2 statements from the employers. The form 8453 from the federal government which states that your taxes were filed electronically is not sufficient documentation. Depending on the school, they may also request any corresponding schedules that go along with the tax return.

Believe me, the school only wants to collect what is necessary, but if the school is asking for it, comply as quickly as possible. The delay in submission of the income documentation could mean a delay in the final financial aid award package. That's right, some schools send out tentative notifications based on the figures from the FAFSA and the CSS Profile if required. However, they may have to change those awards if the information on the tax returns is significantly different than what appears on the forms. So, be prompt and be accurate with the information requested from the Financial Aid Office!!