By Laura Fourniea, Director of Financial Aid
The FAFSA application now has an IRS Data Retrieval Tool. You will want to select
the IRS Data Retrieval Tool when completing your FAFSA, as it will import all tax return information necessary for your FAFSA. This feature will be available early Feb. 2012 or two weeks after you submit your federal taxes electronically. The benefit is if your application is later selected for verification, you do not have to provide us with a signed tax return. If you do NOT select this option, and your application is selected for verification, we will need a tax transcript from the IRS.
Your copy of a 1040 Tax Return is no longer acceptable documentation to verify the data on your FAFSA. We encourage you to use the IRS Data Retrieval Tool to help cut down on the processing time. Ideally, you will want to wait two weeks from the time you file your taxes until you complete your FAFSA.