2013-2014 FAFSA Information
- 1 School code change for the 2013 -2014 FAFSA
- 2 FAFSA Information
- 3 Verification Information
- 4 New Federal Student Aid Requirements (2013-2014)
- 4.1 Applying for Federal Student Aid – What is the IRS Data Retrieval Tool?
- 4.2 How does the IRS Data Retrieval Tool work?
- 4.3 Who can use the IRS Data Retrieval Tool?
- 4.4 Can I submit my 2012 Tax Return instead?
- 4.5 Who Can NOT Use the IRS Data Retrieval Tool?
- 4.6 When will I be able to use the IRS Data Retrieval tool?
- 4.7 Why Should I Use the IRS Data Retrieval Tool?
- 4.8 What if I haven’t filed my 2012 taxes yet?
- 4.9 What if I am selected for Verification for 2013-2014?
- 4.10 How to apply for Financial Aid at ASUN:
School code change for the 2013 -2014 FAFSA
You will now see a school code for ASU Newport (042034) listed on the FAFSA school selection drop down box.
When completing the 2013-2014 FAFSA use the ASU Newport school code – 042034.
Financial aid offices will no longer be able to accept signed copies of Federal Tax Returns from students and parents for FAFSA Verification purposes.
Students and/or parents have two options to submit Tax Information to the Financial Office:
- Use the IRS Data Retrieval Tool during the FAFSA application process. See below for more information on how to use the tool. The IRS Data Retrieval Tool is the best method to submit your tax information to the Financial Aid Office.
- Provide a Tax Return Transcript from the Internal Revenue Service (IRS). See below for information on how to request an IRS Tax Return Transcript.
Remember that not all students are selected for verification. The Student Aid Report (SAR) that the FAFSA applicants receive electronically from the Department of Education once they have applied, will indicate if they are selected for verification. Also, students will receive an email (email address you listed on your FAFSA) from the college notifying you to submit verification documents.
Please note, FAFSA applicants can be selected for verification if any changes are made to the original FAFSA application. So, even if the first application was not selected for verification, once a corrected application is processed, it may be selected for verification.
- It is much more likely for a FAFSA application to be selected for verification if the applicant does NOT complete the IRS data retrieval in the FAFSA application or if the applicant changes the IRS data once the tax information was retrieved into the FAFSA.
- We very strongly recommend that FAFSA applicants complete their taxes early and then use the IRS data retrieval process within FAFSA on the web, if possible.
- It is true, some applicants cannot use the IRS data retrieval. Therefore, these applicants are very strongly advised to keep a copy of their tax return, and request a copy of the IRS tax transcript as soon as possible, in case they are selected for verification.
Please feel free to ask our office questions at any time regarding this process. These changes are effective immediately.
Newport Campus 870.512.7835 | Marked Tree Campus 870.358.2117 | Jonesboro Campus 870.680.8728
Also, please feel free to call 800.4.FED.AID to ask general questions about these new processes. The Department of Education will also send out e-mail reminders to applicants to complete the IRS data retrieval if they have not done so.
New Federal Student Aid Requirements (2013-2014)
Applying for Federal Student Aid – What is the IRS Data Retrieval Tool?
The US Department of Education and the Internal Revenue Service (IRS) have collaborated to develop a tool that simplifies the completion of the FAFSA application. The IRS Data Retrieval tool allows FAFSA applicants
and parents to request and retrieve their tax data directly from the IRS. Once this data is retrieved from the IRS, it can be transferred to the FAFSA application.
How does the IRS Data Retrieval Tool work?
Students and parents who have filed their 2011 taxes will be given the option to use the IRS Data Retrieval tool when they are completing their Financial Information portion of their FAFSA application.
Please note that there are TWO separate Financial Information sections on the FAFSA for dependent students. Students will use this tool for the Student Financial Information section and parents of dependent students will use this tool for the Parent Financial Information section.
Once the applicant has selected the IRS Data Retrieval Tool, they will be directed to the IRS website. Users must authenticate their identity before any personal information is displayed. After viewing tax data, applicants will then have the option to “Transfer” the tax information directly to the FAFSA.
Who can use the IRS Data Retrieval Tool?
Applicants who are completing an initial FAFSA, completing a renewal FAFSA, or making a correction to their initial FAFSA.
Students or parents who:
- Have a valid Social Security Number
- Have a valid Federal Student Aid Personal Identification Number (PIN)
- Have completed and filed a 2012 Federal Tax return
Can I submit my 2012 Tax Return instead?
No. Due to the new regulations, we will not be able to accept your Actual 2012 Federal Tax Return for verification purposes unless one of the follow circumstances exists:
- You filed a Foreign Tax Return
- You filed a Puerto Rican Tax Return
- You filed an Amended Tax Return
Who Can NOT Use the IRS Data Retrieval Tool?
Students or parents who:
- Filing status is married filing separately
- Filing status is Head of Household
- Applicants (or parents if dependent student) who are married after they filed their taxes
- Foreign Tax Returns
- Puerto Rican Tax Filers
- Amended Tax Returns
- Recent Tax Filers (less than three weeks since tax filing)
Numbers 1-3 above will be required to submit an IRS Tax Transcript to the Financial Aid Office if they are selected for verification.
Numbers 4-6 will be allowed to submit a paper tax return to the Financial Aid Office
Number 7- The applicant must go back to FAFSA on the web and make a correction and complete the IRS Date Retrieval and resubmit the FAFSA. If they do not complete this process, than they will be required to submit a Tax Transcript to the Financial Aid Office if selected for verification.
When will I be able to use the IRS Data Retrieval tool?
Electronically filed 2012 tax return information will be available online from the IRS Data Retrieval Tool approximately 2 weeks after returns have been filed. Data from 2012 paper tax returns will be available 6-8 weeks after the return has been filed.
You will need to plan accordingly! If you must have your FAFSA filed by a specific date, file it using your copy of your Federal Return or by using estimated information in order to meet filing deadlines for any grant programs or scholarship programs.
Why Should I Use the IRS Data Retrieval Tool?
- It’s Easy
You don’t manually fill in information from your paper tax return when you complete the FAFSA.
- It’s Fast
With just a couple of clicks and by verifying your identity, your tax information will automatically be transferred to your FAFSA.
- It’s Accurate
By using the IRS Data Retrieval Tool, you are ensuring that the Financial Aid office is receiving your most accurate tax information.
- It’s Streamlined
For students and parents that are selected for verification for the 2012-2013 academic year, retrieval of your tax information to update the FAFSA application electronically is the most efficient way to provide tax information.
What if I haven’t filed my 2012 taxes yet?
Even if you have not completed your 2012 Federal taxes, you should complete your FAFSA using tax estimates. You can use the IRS Data Retrieval Tool once you have filed your 2012 taxes to update your FAFSA.
Income estimates may be used in order to meet the priority filing deadlines, but you must update your Student Aid Report once you have completed your Federal income tax return. Differences between actual income and estimates could result in changes to your financial aid eligibility, even after an award package has been offered.
To make a correction:
- Go to www.fafsa.gov → and click “Start Here”
- Log on using your information
- Click “Make FAFSA Corrections”
- Use the IRS Data Retrieval Tool to upload your 2012 tax information.
What if I am selected for Verification for 2013-2014?
If a student or parent is selected for verification, you will be required to complete and submit a Verification Statement and submit your up-to-date tax information. Failure to provide information will prohibit awarding of any Federal and State Student Financial Aid.
- You should provide your updated tax information by making a correction to your submitted FAFSA application using the IRS Data Retrieval Tool.
- If you are not eligible to use the IRS Data Retrieval Tool, a copy of your official tax transcript for 2012 must be submitted.
- Tax Transcripts can be requested in one of three ways;
The ASUN Financial Aid & Scholarships office can only accept official tax transcripts for verification purposes. We can no longer accept copies of the federal tax return. Please allow 5-10 days for the IRS to process your request.