Transcript

[Wendy]

Any idea how long it takes for e-filed returns to be available to request a transcript? I have a client who needs a transcript directly from the IRS for a college (they won't take a copy of tax return). Her return was e-filed with an accepted date of 3/6 but the website and the automated phone line say a transcript is not available for 2011.

I'm on hold with IRS now with a wait time of "in excess of 15 min"...

Thanx

[rfassett]

Have your client check with the school. My client got an email from his child's stating that "now that the filing deadline has passed and since you provided estimates on your FAFSA we need a transcript of your tax return". This email prompted my client to gather his stuff and drive 35 miles to my office and beg me to "put a rush on it". When he got home, he had another email informing the first email was an error. Don't know if that is your case - but it sounds about the same.

[jasdlm]

Had a client who received the exact same email . . . haven't heard yet whether she then received an 'error' email.

[Jack from Ohio]

There is nothing you can do to speed the process. The school will just have to wait. IRS is so logjammed with the implementation of the anti-fraud and anti-indentity theft sorting, that it will probably be June before they get caught up.

The reason schools demand transcripts is because so many people in the past have forged tax returns to receive benefits they were not eligible for. (Sounds like the banking industry, doesn't it??) Problem is that the IRS being too slow hurts only taxpayers and their kids in these situations.

[Jack from Ohio]

...I'm on hold with IRS now with a wait time of "in excess of 15 min"...

Thanx

Save your wait time. You will get NO HELP from your phone call.

[Gail in Virginia]

If the tax return is electronically filed, I believe there is a way on the FASFA online information to transfer the information directly. If that is done, a transcript should not be necessary. Sorry for the vagueness, but I am just going from memory from doing that last year for my son (and right now my memory is tired and frazzled )

[Wendy]

Thank you all. Finally got through to a rep in the transcript department and they said it would take 3 weeks to be "processed" after the e-file was accepted - if there were no "issues". Then it would take and indeterminate amount of time for the transcript to be available. The college letter said that every year a group of students is chosen for additional documentation. I'll have her check the FAFSA site.

[Jack from Ohio]

Thank you all. Finally got through to a rep in the transcript department and they said it would take 3 weeks to be "processed" after the e-file was accepted - if there were no "issues". Then it would take and indeterminate amount of time for the transcript to be available. The college letter said that every year a group of students is chosen for additional documentation. I'll have her check the FAFSA site.

I had three children go through college. Oldest 5 years, second 2 years, third 4 years. Total of 11 FAFSA. I was "randomly selected" for further documentation 11 out of 11 years. It is DEFINITELY NOT random. The FAFSA will not get the information any sooner than anyone else.

Everyone must simply WAIT on the IRS MODERNIZED E_FILE system to catch up. I figure June 1, 2012.

[Lion EA]

Had an employee with two daughters a year apart in different colleges on full scholarships. Both daughters were selected both years that I employed her. Now she deducted mortgage interest that was greater than her taxable income, but she was receiving child support from a well-to-do ex. Didn't look particulary random to me, either.