FAFSA Updates Due to Regulation Changes
The 2014 - 2015 FAFSA encourages students and their parents to import tax information from the IRS. The IRS Data Retrieval saves time and eliminates the probability of being chosen for verification.
Those who do not elect to utilize the automatic retrieval will be selected for Verification.
Who can use IRS Data Retrieval?
- Filing Status is Married Filing Jointly
- Filing Status is Single
Who is not eligible to use IRS Data Retrieval?
- Filing Status is Married Filing Separately
- Filing Status is Head of Household-Single
- Filed an Amended Tax Return
- Filed a Puerto Rican or Foreign Tax Return
- Recently Filed Taxes
- Marital Status has Changed Since January 1
Advantages of using the IRS Data Retrieval process:
- Automatically provides institution with verification documentation
- No tax return transcript needed
- Improve the accuracy of aid awards
- Reduces burden of proof on students and institution
Changes to Upcoming FAFSA Entries:
As of January 2012, FAFSA applicants are strongly encouraged to import their tax information into the FAFSA application. Applicants who do not utilize the IRS Data Retrieval will be automatically selected for Verification.
- File your taxes with the IRS. It is recommended that you process them in early February so that you will be able to apply for aid the latter part of February and early March for the 2013-2014 academic year.
- It will take 8-10 days before your tax information is available to import. Anticipate a delay after you file before it will be available for your FAFSA. Complete your FAFSA at www.fafsa.ed.gov
If selected for Verification, the documentation that will need to be provided has changed.
Those selected for verification must now provide a copy of the student and, if needed, their parent(s) tax return transcript.
More information about ordering a tax return transcript can be found at http://www.irs.gov/Individuals/Order-a-Transcript
For more information about IRS Data Retrieval follow this link http://www.ifap.ed.gov/dpcletters/GEN1103.html