Verification

1. Verification 2014 TASFAA New Aid Officer’s Workshop

2. Objectives • Understand Verification Flag Tracking Groups and Documentation Requirements • Easily Identify Verification Data Elements on Tax Documents • Obtain Verification Resources • Ask Verification Questions

3. 2013-2014 Verification Groups

4. Verification 2014-2015 • Verification data elements for 2014-2015 aid year include verification items for 2013-2013 aid year and adding a V6 group. • V6 Group – Household Resources Verification. • Group V2 will not be used. • Institutions must use exact language provided in the Federal Register for the Statement of Educational Purpose.

5. 2014-2015 Verification Tracking Flag Groups 2014-2015 Verification

6. Documentation of HS Completion Status • HS Diplomaor final HS transcript showing date HS diploma awarded • Recognized Equivalent • General Educational Development (GED) Certificate; • State certificate received by a student after the student has passed a State-authorized examination that the State recognizes as the equivalent of a high school diploma; • Academic transcript of a student who has successfully completed at least a two-year program that is acceptable for full credit toward a bachelor's degree; or • For a person who is seeking enrollment in an educational program that leads to at least an associate degree or its equivalent and has not completed high school but has excelled academically in high school, documentation from the high school that the student excelled academically in high school and documentation from the postsecondary institution that the student has met the formalized, written policies of the postsecondary institution for admitting such students • Homeschooled • Transcript or the equivalent, signed by the parent or guardian, that lists the secondary school courses completed by the applicant and documents the successful completion of a secondary school education; or • A secondary school completion credential for home school (other than a high school diploma or its recognized equivalent) provided for under State law

7. Identity/Statement of Educational Purpose • Appear in person and present to an institutionally authorized individual: • A valid government-issued photo identification (driver’s license, non-driver’s license, or passport); and • A signed statement of educational purpose • Must maintain, an annotated copy of the identification submitted by the applicant that includes: • The date documentation was received; and • The name of the institutionally-authorized individual that obtained the documentation • If unable to appear in person, must provide the institution: • A copy of a valid government-issued photo identification (driver’s license, non-driver’s license, or passport); and • An original notarized statement of educational purpose signed by the applicant

8. V6- Group Household ResourcesVerification Items • Tax Filers • Household Size • Number in College • Child Support Paid • SNAP • Adjusted Gross Income • U.S. IncomeTax Paid • Untaxed IRA Distributions • Untaxed Pensions • IRA Deductions & Payments • Tax-Exempt Interest Income • Education Credits • Other Untaxed Income • Payments to tax-deferred pension and savings plans • Child support received • Housing, food, and other living allowances • Veterans non-educational benefits • Money received or paid on student’s behalf

9. V6- Group Household ResourcesVerification Items Non-Tax Filers • Household size • Number in College • Child Support Paid • Tax-Exempt Interest • Other Untaxed Income • Payments to tax-deferred pensions and savings plans • Child support received • Housing, food, and other living allowances • Veterans non-educational benefits • Money received or paid on student’s behalf

10. V6- Group Household Resources • W-2 Form needed from each source of employment • Signed statement listing sources and amounts of other untaxed income.

11. 2014-2015 Verification 2013 Tax Matrix • Earnings from Work • Wages, Salaries, Tips • Business Income/Loss • Farm Income/Loss • Untaxed Income • Adjusted Gross Income (AGI) • Additional Financial Information • U.S. Income Tax Paid

12. Tax Time!

13. Reminders • Amended Returns • Signed copy of 1040X and • Signed copy of original tax return or IRS transcript (with all data elements) • Federal Means Benefits = Verification of Group Household Resources • $25 Tolerance for non-dollar amounts • W-2 and/or Schedule C/C-EZ may be needed for tax filers • Do NOT accept IRS Verification of Nonfiling letter prior to June 15, 2014 • Must still resolve conflicting information • Verification &

14. Available Resources • Federal Student Aid Handbook • Application and Verification Guide http://www.ifap.ed.gov/fsahandbook/1415FSAHandbookAVG.html • NASFAA Ask Regs Knowledgebase http://askregs.nasfaa.org/ics/support/splash.asp • Institutional Policies and Procedures • IRS Publication 17 found atwww.irs.gov

15. Thank You! Consuela Mitchell Roy Tuberville Financial Aid Manager Intake/Processing El Paso Community College 915 831-2584 rtubervi@epcc.edu Assistant Director of Financial Aid Tarrant County College 817-515-1786 consuela.mitchell@tccd.edu