Here is a reminder to all NACA members regarding the current tax season and required document submissions:
Your 2013 W-2s are required to be submitted to your NACA file as soon as you receive them. Since all companies are required to provide W-2s by January 31, 2014, files that do not have the updated W-2 received by March 1 will not be able to progress forward, whether in the Purchase or Home Save program.
Likewise, 2013 1040s are required as soon as you file and no later than April 15th 2014. Purchase members are NOT eligible for NACA qualification by providing a tax filing extension request as opposed to providing a copy of the 2013 taxes filed. Home Save members may also experience delays if an extension is sought.
Self employed Purchase Program members will need to provide at least the quarterly tax returns and document they have the funds to pay any taxes owed for 2013 in addition to minimum required funds to qualify. Keep in mind there will be processing time between filing and being able to obtain tax transcripts, and this will affect your anticipated qualification date.
All Purchase members that owed taxes last tax year must document that they have filed already and paid any taxes owed for 2013 or must document that they have minimum required funds plus the amount they owed for last year’s taxes.
In short, please make sure that your tax information is kept up to date so your file does not experience an unnecessary delay. Being aware of these requirements will help all of our members insure that their file can continue to be handled as expediently as possible in both the NACA Purchase and Home Save programs.