FAQs - Sending Taxes

The school usually has a financial aid budget set aside for deserving families who need help to pay their tuition. Verifying income is one way for the school to determine those who truly need assistance.

Deadline dates are listed on the main screen of the application under 'Start/Resume Application'. We recommend sending in documents as soon as possible, and no later than 1-2 weeks prior to any deadline dates (if applicable) so that your process will be completed in time. Document processing cannot be expedited, so it is important to ensure documents are submitted in a timely manner. Please note that documents cannot be submitted until after the application has been completed and paid for. If you have already submitted your application, click 'Resume Application' to access the Post Application Features Menu/Quick Processing in order to submit documents.

Many times schools process requests for financial aid on a first-come, first-serve basis. Deadline dates often occur prior to the Federal Tax deadline, so we suggest that you complete your taxes as early as possible to ensure that your application will be considered within the first wave of award decisions.

Generally, your completed tax forms must be submitted before the school can make an award. Some schools will make tentative awards without tax forms, but require the tax forms be submitted before deciding the actual award. If you are unable to provide your documents by the deadline date, we recommend contacting the school directly to see how they would like to proceed. FAST cannot make exceptions to document requirements without school approval.

The questions asked in the Quick Processing Wizard will provide you with a detailed list of the required documents, once an application is submitted.

Tax forms typically required (U.S.):

• W-2 Wage and Tax statements
• Most recent Federal 1040
• Copies of all supporting tax schedules
• Schedule A—Itemized Deductions
• Business–Schedule C or C-EZ (Form 1040)
• Farm–Schedule F (Form 1040)
• Rental Property–Schedule E (Form 1040)
• LLC–Schedule E, Form 1120S, and Schedule K-1
• S Corporation–Schedule E, Form 1120S, and Schedule K-1•Partnership–Schedule E, Form 1120S, and Schedule K-1
• Trusts–Schedule K-1
• State Taxes

Additional documentation that may be requested:

• Year-end statement from your mortgage holder
• Bank statements
• Brokerage statements
• Insurance costs for home, life, auto and health
• Utility information
• Medical records and expenses
• Retirement account information

If you have an amount on line 1 of your 1040 Federal Return Form and you are unable to locate your W2 forms, we recommend contacting your tax preparer or Human Resources department at your employer, to obtain copies of W2s.

FAST will accept IRS transcripts of the Federal Taxes and W2 Statements. Please ensure the Federal Transcript is titled Return Transcript (not Account Transcript).

If you have amended your taxes, please ensure that both the Amendment and the originally filed 1040 Forms are submitted.

Tax forms typically required (Canada):

• Most recent federal tax form (T1 Income Tax and Benefit Return)
• Copies of all supporting tax schedules
• Most recent T-slips (such as T4, T4A, T3, T5)
• Business - T2125
• Fishing/Farming - T2121, T2042
• Rental Property - T776
• Corporation - Latest Financial Statements prepared by auditors
• Partnership - Schedule 4 (Part 7), T5013, or T5013A
• Trusts - T1142
• Provincial Forms

Additional documentation that may be requested:

• Year-end statement from your mortgage holder
• Bank statements
• Brokerage statements
• Insurance costs for home, life, auto and health
• Utility information
• Medical records and expenses
• Retirement account information

International Families: Those who do not file U.S. taxes should have their tax forms translated to English and all financials converted to USD (U.S.Dollars). Oftentimes, a letter from their employer(s) stating their annual income for the specific tax year the school is requiring, is also requested. Business owners should provide an annual statement for the required tax year (translated to English and US dollars). If a family is unable to provide these forms, which are required, the family would need to contact the school to see how to proceed.

You have the ability to upload your documents once the application has been paid for and submitted. You may do so by accessing Quick Processing from the navigation bar within your application.

While you have the ability to upload taxes through your application once it is submitted, should you prefer to mail copies of your taxes, you may do so to the below address. Documents will be destroyed after five business days, once scanned into the verification system. Please do not send originals, as they will not be returned.

Independent School Management
ATTN: FAST Processing Center
2207 Concord Pike #417
Wilmington, DE 19803

Typically verification is completed within 3-5 Business Days, however, it can take up to 7-10 business days during peak season (January through May). Documents are processed in the order they are received and may not be expedited.

For security reasons, FAST does not accept taxes via fax machine. You may either electronically submit them through your application or send copies through the mail.