IRS Data Retrieval
Once you have filed an IRS federal income tax return, you must update the information reported on the FAFSA to reflect your actual tax information.
If you have completed an IRS federal income tax return, you may be eligible to use the IRS Data Retrieval Tool, which is the best and easiest way to provide accurate tax information. With just a few simple steps, you can view the information from the IRS income tax return and transfer that information directly into your FAFSA.
Steps to complete IRS Data Retrieval
|1. In order to use the IRS Data Retrieval Tool, your IRS income tax return must be processed by the IRS. You may need to wait 1-2 weeks after your tax return is filed before updating your FAFSA with the data retrieval process.
|2. Log into your FAFSA at www.fafsa.gov and select the 2014-2015 FAFSA* to update the FAFSA with your 2013 IRS income tax information.
*To update the 2013-2014 FAFSA, you will use your 2012 IRS income tax information.
|3. Choose the “Make FAFSA Corrections” link.
|4. Navigate to the Student and/or Parent “Financial Information” section.\
Dependent students: please update both student and parent financial information if needed.
|5. If you have filed an IRS Tax Return, select “Already Completed.”
|6. Answer the displayed questions. If you are eligible to use the IRS Data Retrieval Tool, you will be presented with the option to automatically transfer your 2013 tax data from the IRS to your FAFSA.
Please follow the instructions presented on the FAFSA.
|7. After updating the FAFSA, continue to the “Sign and Submit” section. Sign and submit the FAFSA correction. UofL will receive the results in four to five business days if our college is listed to receive your FAFSA information.
If you do not use the IRS Data Retrieval Tool to transfer your IRS tax data to your FAFSA, you must manually update your FAFSA with your actual tax return information.
The IRS Data Retrieval Tool may not be available if any of the following are true:
· An amended tax return was filed for the same tax year (student or parent)
· A foreign tax return was filed (student or parent)
· Marital status changed after 12/31/2013 (student or parent)
· Student or parent is married and taxes were filed as “married filing separate”
· Parent’s marital status on the FAFSA is “unmarried and living together”
· There is a conflict between the marital status and the tax return filing status (student or parent)
· If the parents or students still owe taxes to the IRS, the IRS data will not be available until after the balance has been paid
· There may be other circumstances that would prevent the use of the IRS Data Retrieval Tool
If you have been selected for verification, and you “will file” or “have filed” an IRS income tax return, you must update the FAFSA as “Already Filed” as soon as your tax return is filed with the IRS. Upon receipt of this information, our office will provide you with a verification form to complete. Verification must be completed before you can be awarded federal financial aid.
If you have any questions, you can contact the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). Their customer service team is a great resource and can answer questions you may have about the IRS Data Retrieval Tool.
Please view the following video for additional assistance: