IRS Data Retrieval Tool

The IRSThe Internal Revenue Service (IRS) is the federal agency responsible for enforcing US tax laws and collecting taxes. Data Retrieval Tool allows applicants who have already filed their federal incomeIncome is the amount of money received from employment (salary, wages, tips), profit from financial instruments (interest, dividends, capital gains), or other sources (welfare, disability, child support, taxable Social Security, and pensions). tax returns to prefill the answers to some questions on their Free Application for Federal Student Aid (FAFSA)The FAFSA is used to apply for Pell Grants and all other aid. Complete your FAFSA via web at www.fafsa.gov . As the name suggests, no fee is charged to file a FAFSA. Follow the directions carefully to ensure proper and efficient processing. by transferring data from their federal income tax returns.  This can save the student time during the VerificationVerification is a review process in which the FAO determines the accuracy of the information provided on the student's financial aid application. During the verification process the student and parent will be required to submit documentation for the amounts listed (or not listed) on the financial aid application. Such documentation may include signed copies of the most recent Federal income tax returns for the student, spouse (if any) and their parents. Financial aid applications are randomly selected by the Federal processor for verification, with most schools verifying at least 1/3 of all applications. Schools may select additional students for verification if they suspect fraud. Some schools undergo 100% verification. If any discrepancies are uncovered during verification, the financial aid office may require additional information to clear up the discrepancies. Such discrepancies may cause a student's final financial aid package to be different from the initial package described on the award letter they received from the school. If the student refuses to submit the above mentioned documentation, the financial aid package will be canceled and no aid will be awarded. process.

Data Retrieval "How To" video:

 

What next?

After you have submitted your tax information using the IRS Data Retrieval tool, the financial aidMoney provided to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self help aid (loans and work). office will download your updated information. Downloads occur once a week at the beginning of the week pending any holidays or school closures.

The tax filer item on your To Do List will then disappear.

To ensure that we can process your verification paperwork, please make sure that you have completed and submitted all other documents to our office.  These can be found on your To Do List.