New Requirements for Submitting 2011 Federal Tax Form Information
Federal regulation now prohibits the use of a copy of a federal income tax return for student aid verification. There are now two alternate methods to provide federal tax data to the financial aid office.
Method 1: The FAFSA-IRS Data Retrieval Tool (IRS DRT). If qualified, use IRS DRT to update your FAFSA with tax form information at www.fafsa.gov
IRS DRT cannot be used by a student or parent if —
- a 2011 IRS tax return has not been filed, or
- a 2011 IRS tax return was recently filed. Tax information may not be available from the IRS if a return was filed electronically within the last 2 weeks, or mailed within the last 6 to 8 weeks; or
- the filer’s social security number is not considered valid; or
- the filer does not possess a Federal Student Aid PIN; or
- the student or parent is married and the tax filing status is Married Filing Separately or Head of Household; or
- a 2011 amended return was filed; or
- a 2011 Puerto Rican or foreign tax return was filed
Method 2: Order a 2011 IRS Tax Return Transcript. This document is required for tax filers who cannot use IRS DRT or used IRS DRT and subsequently change the data. Tax filers can request a transcript from the IRS, free of charge in one of three ways.
Request online at the IRS Web site at www.irs.gov
Under Tools, click “Order a Return or Account Transcript”; click “Order a Transcript”; enter tax filer's SSN, date of birth, and address; click “continue”; select “Return Transcript” for Tax Year “2011”
Request by calling the IRS at 1-800-908-9946
Tax filer will be prompted to enter their SSN, address (currently on file with IRS); select “Option 2” to Request an IRS Tax Return Transcript, and then enter “2011”
Paper—Download IRS Form 4506T-EZ (Not 4506-T) http://www.irs.gov/pub/irs-pdf/f4506tez.pdf
Complete lines 1-4 using instructions on page 2 of form; skip Line 5 (do not send to aid office); on line 6 enter “2011”; tax filer must sign, date, enter telephone; mail or fax to IRS as noted on page 2 of form.
••••• Please Note: As neither IRS Data Retrieval nor the Transcript provides earnings information, W-2 Form(s) must also be submitted.
What else you should know—
- A change to IRS Retrieved Data negates the validity of the data and an IRS Tax Return Transcript will be required.
- Married tax filers who file separate returns must submit an IRS Tax Return Transcript for each return.
- Once requested, a tax filer will receive the Tax Return Transcript within 5 to 10 days (longer for paper requests).
- The Tax Return Transcript replicates income on the original return. Always submit the Tax Return Transcript.
- The Tax Account Transcript includes adjustments made, by either the tax filer or the IRS, after the initial tax return was filed. If after submitting IRS Data Retrieval or a Tax Return Transcript the financial data is corrected or amended, notify the financial aid office. A Tax Account Transcript may also be required.