If this is true, that’s a good thing, as being selected for verification takes time and effort. If you answered ZNo to these questions, click the Link to IRS button. How to complete the IRS data retrieval process? What is the IRS data retrieval tool (DRT)?
How to use the data retrieval tool on your FAFSA?
Instructions for the parent to use the IRS data retrieval : 1. If you are completing your FAFSA, you may be able to use this tool. You indicated that you will file or are not going to file a federal income tax return. The method you used to file your tax return , e-file or paper, and whether you had a balance due, affects your current year transcript availability.
If you have been selected for verification , you will need to submit additional documentation to verify income. If you were selected for verification you must verify your tax information supplied on the FAFSA. If you’re eligible to use the IRS DRT, we highly recommend using the tool for.
Do not make changes to the transferred information. Free Federal Tax Filing Online. The two methods for doing this are detailed below.
You will know that your federal tax return information has been successfully transferred because the words “Transferred from the IRS” will display in place of the IRS information in your FAFSA form. Note: You will not be able to use the IRS DRT on the FAFSA if:-You are a victim of Identity Theft -Filed a foreign tax return-Filed taxes as “Married Filing Separate” -Were granted a tax filing extension. In the finances section of the FAFSA, you will see a Link to IRS button if you are eligible to use the IRS DRT. Click the Link to IRS button and to the IRS site to retrieve your tax return information.
Review your tax return information and see the tax data that will be transferred into your FAFSA. Using the IRS DRT process can reduce errors on your FAFSA, as well as reduce the amount of requested documents from the Financial Aid Office. It will show you the steps to take to update your FAFSA to use the IRS DRT.
IRS Data Retrieval Tool (DRT) process will help simplify the verification process if selected. Your FAFSA will be saved and you will be transferred to the IRS Web site. Use of this tool will increase the accuracy of your FAFSA information and streamline the application, review and award process.
If you use the tool , our office will receive your information quicker. We highly recommend using the tool for a smoother financial aid process. Why Should You Use the Tool ?
Guarantees that the most accurate tax information is submitted. Reduces the chance of being asked to complete the verification process. When answering the FAFSA questions about the student’s and parent’s previous year’s taxable income, select the option to download information from the IRS. This will mean the individual will need to contact the IRS to request this form to provide to.
Students who are selected for verification but cannot use the IRS DRT will need to submit a copy of your tax return transcript from the IRS. If you need a copy of your Federal Tax transcript, you can use the IRS Get Transcript by Mail option. Your tax transcript will arrive in - calendar days at the address you have on file with the IRS. Choose “Get Your Tax Record.
Most students and parents who filed a U. However, there are a few scenarios in which students and parents are ineligible to use the IRS DRT,.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.