Guest Taxed Posted January 28, 2013 Report Share Posted January 28, 2013 This is the latest so far: As it does every year, the IRS reviews and tests its systems in advance of the opening of the tax season to protect taxpayers from processing errors and refund delays. The IRS discovered during testing that programming modifications are needed to accurately process Forms 8863. Filers who are otherwise able to file but use the Form 8863 will be able to file by mid-February. No action needs to be taken by the taxpayer or their tax professional. Typically through the mid-February period, about 3 million tax returns include Form 8863, less than a quarter of those filed during the year. Quote Link to comment Share on other sites More sharing options...
DevM Posted January 28, 2013 Report Share Posted January 28, 2013 I just got it too from IRS. Already have clients calling to finish their Tax Returns so that their childer can file FAFSA..What a pity that the students can't file FAFSA.. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted January 28, 2013 Report Share Posted January 28, 2013 I just got it too from IRS. Already have clients calling to finish their Tax Returns so that their childer can file FAFSA..What a pity that the students can't file FAFSA.. FAFSA can be filed. Tell the parents to estimate numbers and mark it "return not yet filed." Then submit it. When the return is finished, go back and update and resubmit. Colleges are demanding FAFSA be done so frickin early so their job will be easier. When the FAFSA is filed has NO EFFECT on Federal Student Loans or Grants. By submitting with estimated numbers, the slackers at the college can start their processes. Just ranting!! I had kids in college from 2002 to 2010. A total of 11 kid/college years. Oldest 5 years, second 2 years, third 4 years. They were 2 years apart. Two years I had two in at the same time. If second had gone 3 or more, I would have had all three in the same year. I have much experience in the FAFSA and financial aid departments. GRrrrrrrrrrrrrrrrrrrrrr!!!! Quote Link to comment Share on other sites More sharing options...
joanmcq Posted January 28, 2013 Report Share Posted January 28, 2013 I already did a projection for clients that needed the FAFSA. Jack's right, they just fill out with estimated numbers and update once filed. Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted January 29, 2013 Report Share Posted January 29, 2013 Also they can link to 2011 return already filed and estimate the 2012 figures. If they have their W2 and 1099 int. they will be able to answer most of the questions that asks about income, deferrals etc. Basically you are trying to estimate the adjusted gross income. Later when the 2012 returns are completed you can update or link to 2012 return. Quote Link to comment Share on other sites More sharing options...
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