If you're a college student or have a child in college, filing tax returns can have its own set of complications and confusing details that need to be included. Once these are completed, you will need these same confusing details for financial aid applications. The IRS has tools to help but we suggest you seek a professional (We further suggest PK Tax Services) as early as possible in the process to answer questions and provide guidance. You must have information from your tax return in order to file a Free Application for Federal Student Aid (FAFSA®) or apply for an income-driven repayment plan. The IRS offers tools to assist with your FAFSA Application:
The IRS Data Retrieval Tool (DRT) used to access your tax information for the FAFSA and income-driven repayment (IDR) plan applications is currently unavailable. This does not limit an individual’s ability to apply for aid or an IDR plan. Applicants can manually provide their tax return information. The online FAFSA and IDR applications remain operational, and applicants can continue filing the FAFSA or applying for an IDR plan as they normally would. Getting Your 2015 Tax Return Information For the 2016–17 and 2017–18 FAFSA Applicants filing a 2016–17 or 2017–18 FAFSA must use data from their 2015 tax returns. You should always retain a copy of your tax return, either electronically or on paper, and keep it in a secure place. If you did not keep a copy of your tax return, here are some options:
Getting Your Alternative Documentation For IDR Applications IDR plan applicants must submit alternative documentation of income to their federal loan servicers after they complete and submit the online IDR application. The process for submitting the alternative documentation of income is explained to borrowers as part of the online IDR application. As a general rule, alternative documentation of income consists of copies of pay stubs or most recently filed tax returns. Additional Resources For more information about the FAFSA and IDR process, see www.studentaid.gov. For more information about IRS transcripts, see our Get Transcript FAQs.
0 Comments
Leave a Reply. |
Pat Kolodziej
C.P.A., M.S.T. Categories
All
Archives
August 2018
|