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IRS Data Retrieval Tool Process

IRS Data Retrieval Tool Process. edited by LDS Business College Financial Aid Office. Originally Created by:. FSA Presentation (ifap.ed.gov/presentations/attachments/24IRSDataRetrievalProcessinFAFSAontheWebV1.pdf) Michele Brown, Director of Applicant Products and Customer Service

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IRS Data Retrieval Tool Process

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  1. IRS Data Retrieval Tool Process edited by LDS Business College Financial Aid Office

  2. Originally Created by: • FSA Presentation (ifap.ed.gov/presentations/attachments/24IRSDataRetrievalProcessinFAFSAontheWebV1.pdf) • Michele Brown, • Director of Applicant Products and Customer Service • Marilyn LeBlanc, • Director of Application Processing • Edited by Jessie Paige • LDSBC Financial Aid Senior Specialist

  3. FAQs • What is the IRS Data Retrieval Tool? • How does it work? • Who can use it? • FAFSA and LDSBC Timeline

  4. IRS Data Retrieval Tool • Federal Student Aid and the IRS have collaborated to develop a solution that simplifies FAFSA completion. • The IRS Data Retrieval Tool will allow FAFSA applicants to request and retrieve their income and tax data from the IRS. • Once the data is retrieved from the IRS, it can be transferred to the FAFSA.

  5. How does the IRS Data Retrieval Tool work?

  6. Applicant selects “Start Here”… • www.fafsa.ed.gov

  7. Applicant enters student information to log in…

  8. Applicant selects “Start 2012-13 FAFSA”… • And creates a password…

  9. Applicant enters application data… …and enters parents’ information…

  10. Applicant now has the option to use the IRS Data Retrieval Tool… Students and Parents may use the IRS Data Retrieval Tool if they did not: • file as Married Filing Separately • file as Head of Household • file an amended return • file a Puerto Rican or foreign tax return Student and Parent must link to the IRS separately. If taxes were recently filed electronically within the past 2 week or by mail within the last 8 weeks, the tax information my not be available yet from the IRS.

  11. A site exit message will appear…

  12. Applicant is now at “Get My Federal Income Tax Information” on the IRS website… If “Transfer Now” is selected, the IRS session will end and the applicant will return to the FAFSA. Applicants must authenticate their tax information with the IRS.

  13. Applicant completes and signs the application.

  14. Who can use the IRS Data Retrieval Tool?

  15. The IRS Data Retrieval Tool is available to the following: • Initial and renewal FAFSA applicants and parents • Applicants and parents • With a valid SSN and FSA Pin • Who have completed a 2011 US Tax Return • With no change in marital status since December 31, 2011

  16. FAFSA and LDSBC Timeline

  17. Important Dates for LDSBC Students Jan 1: 2012-13 FAFSA Available Sept 10: LDSBC Fall Classes Begin Jan 5: IRS opens for filing 2011 taxes Jan 7: LDSBC Winter Classes Begin Feb 5: IRS Data Retrieval Tool available January February March April May June July August Sept. Oct. Nov. Dec. January February March April May June

  18. LDS Business CollegeFinancial Aid 95 N 300 W, 2nd Floor Salt Lake City, UT 84101 (801) 524-8111 finaid@ldsbc.edu www.ldsbc.edu

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