Tax question

[karliebug]

I have been reading that I should wait until after Feb.11 to file my taxes because the IRS is updating forms and schedules. We do have child care deductions, so I guess it includes us. Anyway, my daughter is going to college this fall and I have to get her student aid form FAFSA completed as soon as possible, and definitely before Feb. 15. This is cutting it close. What happens if I file as soon as I have my w-2 , using the old forms???? Will I have to then file an amendment when new forms are available????

 

[dcfromva]

I have been reading that I should wait until after Feb.11 to file my taxes because the IRS is updating forms and schedules. We do have child care deductions, so I guess it includes us. Anyway, my daughter is going to college this fall and I have to get her student aid form FAFSA completed as soon as possible, and definitely before Feb. 15. This is cutting it close. What happens if I file as soon as I have my w-2 , using the old forms???? Will I have to then file an amendment when new forms are available????

Oh boy! This is awful. Can you check with your daughter's school to see how to best handle it? If you file using the old forms, you might not get all the deductions to which you are entitled (if they even let it go through). If it did go through, I would think you would have to amend your 2007 taxes AND your FAFSA (because your DD may not get all the aid she should get)....

 

[Lynn CC]

I just completed the FASA yesterday for my DS who will be a college senior in the 2008-2009 school year. I had my taxes done by my accountant last week she gave me all the info I would need to fill out the FASA. She will not file my taxes until after all my forms come in sometime in February and the updates are completed.
At that time if any info changes that I should change on the FASA she will let me know. You can make corrections on your FASA at any time. It's pretty easy to make changes to an existing FASA. The college will get a copy of the original and the corrected online. In years past I've had a couple of corrected FASA's filed as months went on.
The deadline for my son's college is Feb. 1 for returning students to file a FASA. They can make corrections after that. You can also estimate and mark off "will file". Hope that makes sense, I made an appointment with my son's financial aide officer that was assigned to him during his freshman year. During that appointment she found another scholarship that he was granted, in addition to his merit and presidential scholarships that they had already given him.
Good Luck! I'm so glad that this is the last year for this for us, He is going on to graduate school, so I'll be helping him with all those forms. I'm sure it will be just as confusing except they are considered independents at that point.