Life @ Otis : Student Life

FAFSA and IRS Retrieval Process


 
 


Beginning the 2012-2013 academic year the Department of Education has instituted the IRS Data Retrieval Process to the FAFSA application.  Students selected for verrification can make a FAFSA correction for the IRS match after taxes have been filed.

The best advice we have for parents and students is to file their 2011 taxes early.

 

FAFSA Filing & IRS Matching

  • A FAFSA must be filed every year to be eligble for federal or state aid.
  • The Otis School Code is: 001251
  • Students and parents can file their FAFSA begining Jan. 1st however the IRS Data retrieval will only be available begining Feb. 15th
  • Matching will be available 2 weeks after electronically filing your taxes and 6 weeks after filing by mail
  • Students who would need to file their FAFSA for the Cal Grants by the March 2nd deadline can use estimates.  A correction would need to be done after the filing.
  • IRS Data retrieval will only effect the AGI, taxes paid and any of the applicable untaxed income items.  Students and parents should not manipulate the data after the retrieval since this will cause a verification.

IRS Match not available for the following

  • Amended tax returns - need both the Return Transcript and the Account Trancript
  • Married filing separately - need both parent's Return Trancripts
  • Foreign tax returns -

Request an I.R.S. transcripts

(for filers with no IRS Match Available)

  • Please be aware that there are two types of trancripts that can be requested from the IRS at www.irs.gov
  • Otis College will require the "Tax Return Transcript" should the IRS Data Retrieval not be possible
  • Students and or Parents with Amended tax returns would also need to turn in a "Tax Account Transcript"
  • Transcripts are mailed to the address on the return.

FAFSA Correction

  • Students and parents can correct their FAFSA to do the "LINK TO IRS" after the FAFSA has been processed
  • Once logged into www.fafsa.ed.gov >> click on "FAFSA Correction"
  • The student section is under the "Student Tax Information"
  • The parent section is under the "Parent Financial Information"
  • Make a correction under "Filing Status" to "Already Filed"; Answer questions about your filing status.
  • The "LINK TO IRS" should appear.  You will be directed to an outside site of the IRS and then answer the verification questions.
  • Click on the box to transfer the information to the FAFSA.
  • Do not make any corrections to questions marks with the IRS retrieval.

Change of Circumstance

  • Parents or students with the following circumstances should contact the Financial Aid Office after the match is completed:
    • Retirement Rollover - must have 1099R indicate rollover (Box 7 indecates H or G)
    • Separated or recently widowed or divorced

 Tax Extension

  • Tax filers with extensions must turn in a copy of IRS form 4868 AND
  • W2 forms for all employers or signed self-certifiying statement of AGI and taxes paid for self-employed tax filers

 Change of Address

  •  Students or parents who do not reside in the address on the tax form can only get a transcript mailed and use the IRS form 4506T