I filed my taxes early in January and claimed an education credit. Which the IRS isn't filing those until mid February. I claimed the credit because my school denied me for financial aid. A couple of days ago my school told me that I was eligible for financial aid but couldn't receive it for another few weeks. Since I'm getting financial aid now will I be audited, or do you think the irs will just deny the $932.00 I claimed in education credits and deposit the rest of the money in my bank account? I'm kind of freaking out because I really needed that tax money for bills and now I'm afraid that I am accepted for financial aid I will have to amend the whole thing and I heard that takes a long time. So do you think that there is a chance they will just deny the education credit and give me the rest or make me amend and redue my taxes? Thanks for reading
Ugh i feel like a complete idiot right now. This is the first year I've ever done taxes. I based it on this year. What do I do now?
You filed your taxes for 2012 based on your 2012 circumstances. Now (A few days ago) it is 2013 and you have another year you are talking about. The IRS runs on a calendar year, so your 2012 refund will not be impacted by the money you receive in 2013- you will have to claim that on 2013 taxes next year.
There may be something here I'm not understanding, but the taxes you just filed are for the 2012 year, and your financial aid applies to 2013. One has no bearing on the other.
Your financial aid will be for 2013, and the taxes you just filed are for the year 2012. Next tax time, you'll deal with this financial aid.
I saw your update - I don't know how you could have filed based on 2013, because tax returns don't use hypothetical information that hasn't even happened yet. It sounds like you need to gather up all your info and copies of your forms, then take them to a tax professional to be checked.
Last year's expenses are last year's and over and done with. You filed 2012 taxes, and that should have been based on expenses from 2012. This year's financial aid will impact the taxes that you file at this time next year. As long as the education credit was based on what you paid for last spring or for this past fall, then everything should be ok.
I would amend the return as soon as you can so you do not have to pay penalties on the difference in any refund. If your initial return says you should get $1000 but your amended return says you should get $500, you could be penalized for that extra $500. A friend of a friend filed an amended return at at the end of the tax year (so end of 2013 for 2012) and she had to pay penatlies on the exta money she got.
You need to talk to a tax professional (not a HR Block type person.... a REAL CPA)
The IRS will not automatically change something on your taxes and send you the $$ difference. When they see this issue, they will flag your return and audit you. It is up to you to amend the return and get it right BEFORE they find your error. Don't mess with the IRS.
It is FAR worth the money you will spend for a CPA to get this straightened out vs any fines and fees you might get from the IRS.
You can file an amended tax return. I would probably talk to a relative who has filed an amended return, or a tax professional.
