Janitor Bob Posted January 28, 2015 Report Share Posted January 28, 2015 Client needs a transcript of his 2014 tax return as soon as possible for college financial Aid. However, I am just now transmitting his Federal return. Does anybody know how soon after Fed return is Accepted can client request a transcript from the IRS website? Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted January 28, 2015 Author Report Share Posted January 28, 2015 I found it: When your original return shows a ... and you filed electronically, then and you filed on paper, then refund amount or no balance due, allow 2-3 weeks after return submission before you request a transcript. allow 6-8 weeks after you mailed your return before you request a transcript. balance due and you paid in full with your return, allow 2-3 weeks after return submission before you request a transcript. we process your return in June and you can request a transcript in mid to late June. Note: we process all payments upon receipt. balance due and you paid in full after submitting the return, allow 3-4 weeks after full payment before you request a transcript. balance due and you didn’t pay in full, we process your return in May and you can request a transcript in mid to late May. Quote Link to comment Share on other sites More sharing options...
Yardley CPA Posted January 28, 2015 Report Share Posted January 28, 2015 Good to know. Thanks for sharing this. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted January 28, 2015 Report Share Posted January 28, 2015 File an estimated FAFSA and tell the College to get real. The date of submission of finalized FAFSA has no effect on federal grants or student loans. Some colleges have college based scholarships and they demand (unrealistically) that the FAFSA be submitted early. Time for the transcript to be available last year ranged from 4-6 weeks. Colleges can pull that transcript with permission from the student. There is a release form they can sign. College financial aid departments are not known for having staff that are all properly informed or trained. 1 Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted January 28, 2015 Author Report Share Posted January 28, 2015 Jack, my experiences have led me to the same conclusions, but FAFSA does a pretty good job of scaring students/parents into thinking everything needs to be filed yesterday. I wanted the above reference in print to show my client. Quote Link to comment Share on other sites More sharing options...
rfassett Posted January 28, 2015 Report Share Posted January 28, 2015 Query - doesn't the online FAFSA pull an IRS transcript (if permission is granted) when the transcript becomes available? It has been a couple of years since I have looked at that, but that sticks in my mind. Fact or dream? 1 Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted January 28, 2015 Report Share Posted January 28, 2015 Query - doesn't the online FAFSA pull an IRS transcript (if permission is granted) when the transcript becomes available? It has been a couple of years since I have looked at that, but that sticks in my mind. Fact or dream? Yes it can. Most college financial aid departments are not aware of this either. The FAFSA cannot pull the transcript before it is ready, so the time frame is the same. Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted January 28, 2015 Author Report Share Posted January 28, 2015 Yes...The actual FAFSA pulls the 1040 easily and quickly...once it is available. But like Jack pointed out, the time frame is the same. This client was thinking it would be quicker to request the physical transcript immediately upon acceptance from the IRS web site....and bypass that wait time. I will point out to them that the time frame is the same and it would be faster to pull automatically from the FAFSA. Quote Link to comment Share on other sites More sharing options...
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