Financial aid season has begun, and this year parents and students looking for federal grants and loans have an electronic tool to help them fill out the form.
The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA). Students and parents may transfer the data directly into their FAFSA.
If you are eligible to use the IRS Data Retrieval Tool, we highly recommend using the tool for several reasons:
- It’s the easiest way to provide your tax data.
- It’s the best way of ensuring that your FAFSA has accurate tax information.
- You won’t need to provide a copy of your or your parents’ tax returns to your college.
If you do not use the IRS Data Retrieval Tool to provide tax information and your college requests a copy of your tax return or your parents’ tax return, you may be required to obtain an official tax transcript from the IRS.
The first step to using the new tool is to file your taxes and soon. If you file your taxes electronically, give it two weeks before you fill out the FAFSA, There is a tiny delay to be able to use it. If you don't e-file, it will take even longer before you can use the retrieval tool to fill out your FAFSA, she says.
To use the new IRS tool, you need a valid Social Security number and a filed tax return from the previous year. A box on the FAFSA website, www.FAFSA.ed.gov, will port you to the IRS website, where you will be asked some security questions. Then the tax information will be automatically downloaded to your FAFSA form.
http://www.fafsa.ed.gov/index.htm
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