IRS Tax Transcript Frequently Asked Questions
Recent guidance from the Department of Education and the IRS suggests that if you file your 2012 taxes electronically and have any owed taxes paid in full at the time of submission or are due a refund - IRS Tax Return Transcripts will be available generally 2 - 4 weeks after your return has been processed.
If you filed electronically, but do not pay in full any taxes due - your tax return will not be processed until May 2013 and may request your IRS Tax Return Transcript 2 - 3 weeks after that point.
Those that file a paper return will unfortunately need to wait even longer to make the request for their tax return transcript. If you expect a refund or owe no additional taxes, you can request your transcript 8 - 11 weeks after your tax return has been submitted and received. If you owe any amount, even if it is paid in full at the time your return is submitted, your tax return will not be processed until June 2013 and you will not be able to request your transcript until 2 - 3 weeks after that point.
IRS Data Retrieval & Tax Return Transcript Availability Chart
There is no official deadline for submitting the tax return transcript (except to have it submitted one month prior to the term in which you want aid.) Most fund sources are limited and we are unable to guarantee that all funds will still be available if your application is not complete by the time the fall term begins. Federal Pell Grant and Direct Loans are always available.
No. As long as you get the tax return transcript in as soon as you are able to access it, it should not negatively impact your student’s aid package. We cannot, however, guarantee that all funds will still be available if your application is not complete by the time the fall term begins. Federal Pell Grant and Direct Loan, though, are always available.
We recommend that you use the Net Price/Award Calculator. The link is located to your right. As long as the information you provide is accurate, it will give you a close estimate to what your student’s aid package will look like.
No. Federal regulations require a copy of the federal tax return transcript.
No. There is no appeal process.
Submit a copy of your Form 4868 Tax Extension that you filed with the IRS. Include copies of W-2’s from every source of employment. If self-employed, submit a signed statement certifying the amounts expected for your 2012 adjusted gross income and U.S. income tax. You will, however, still need to provide us with a copy of your 2012 Tax Return Transcript no later than November 1, 2013 and we will reevaluate your aid eligibility based on the Tax Return Transcript at that time.
CAUTION: If there are discrepancies between it and information you submitted earlier your aid eligibility could change, and you may be required to immediately repay 2013-14 grants or loans you already received.
No. The transcript should be mailed directly to you. Make a copy, send that to us and keep the original for yourself.
Always make copies so that you do not need to order multiples. From what we understand you should wait 2-3 weeks between orders. Contact the IRS for questions.
Per the IRS website, complete and send Form 4506-T and include any and all recent addresses.
It will not matter for financial aid eligibility. From what we understand, much of this is an IRS mistake.
Unfortunately our office cannot call, email, or contact the IRS on your behalf. Visit the IRS website www.irs.gov for additional contact information.
If you are having difficulty with the online and phone ordering, we recommend completing the Form 4506-T to submit a written request for the transcript.
No. If you did not file a tax return you will not have a tax return transcript. Submit the UW-Madison Parent Income Form (if dependent) and/or Student Income Form and attach any W-2s.
No. Federal regulations prohibit us from accepting screen prints. You must submit an IRS Tax Return Transcript no exceptions.