The IRS Data Retrieval Tool is available for online FAFSA submittals and is accessible through the FAFSA web site www.fafsa.gov. The retrieval tool allows FAFSA applicants and parents with the ability to transfer their income information from the IRS to the FAFSA. See below.
Starting with the 2012-2013 award year ALL FAFSA on the Web (FOTW) applicants and parents of dependent applicants who indicate they have filed or will file a federal tax return will be directed to use the IRS Data Retrieval Tool to report and/or update their income information on the FAFSA.
For FAFSA submittals the IRS Tool is expected to be available beginning February 1st, (varies).
BENEFITS OF USING THE TOOL:
- Applicants can complete their FAFSA more easily and accurately!
- The tool will increase the accuracy in the awarding for student financial aid funds!
- Applicants selected for verification can use the tool to update their income information and avoid unnecessary processing delays!
IMPORTANT CHANGES TO THE FAFSA PROCESS:
- ALL applicants and parents who indicate they have filed a federal tax return will be directed to use the IRS Tool.
- Applicants and parents who indicate they will file a federal tax return will receive email communication(s) directing them to use the IRS Tool to update their income information once they have filed their federal income tax return.
- Applicants selected for the verification process will be required to use the IRS Data Retrieval Tool (or) they may choose to request a tax transcript from the IRS which can later be submitted to the Financial Aid Office.
WHEN WILL DATA BE AVAILABLE FROM THE IRS:
|Electronic Tax Filers||Data will be available within 2 weeks of filing|
|Paper Tax Filers||Data will be available within 6 and 8 weeks of filing|
IMPORTANT DATES TO REMEMBER:
- January 1 - students may begin to submit their FAFSA applications for the next academic year
- February 1- access to the FAFSA IRS Data Retrieval Tool expected to be available
- May 1 - priority deadline for the FAFSA
WHO IS NOT ELIGIBLE TO USE THE TOOL:
- Married couples who file separate tax returns.
- Applicants whose marital status has changed as of January 1.
- Applicants who are neither eligible nor required to file a Federal Tax Return.
WHAT IF YOUR FILE IS SELECTED FOR VERIFICATION:
If your FAFSA record is selected for a process called verification and you and your parents were eligible to file a federal tax return, you will be required to:
- Use the IRS Data Retrieval Tool to update your and/or your parent or spouse income information; (OR)
- You and/or your parents or spouse may request a "Tax Transcript" from the IRS to submit to the Financial Aid Office to verify your income information.
SPECIAL ITEM OF NOTE - Applicants who choose not to use the tool OR change the IRS income information
- Applicants selected for verification who choose not to use the FAFSA-IRS Data Retrieval Tool (OR) applicants who use the tool but subsequently change the income information will be informed they must explain to their institutions why information they provided is more accurate than the information available through the IRS.
- Contact the Financial Aid Office to discuss your circumstances. The Financial Aid administrator may ask you to submit copies of your W-2 form, last paycheck stub, a letter from your employer, tax transcript, or other.