When to file your 2014-2015 FAFSA application:
For federal aid, submit your application as early as possible, but no earlier than January 1, 2014 and no later than June 30, 2015. Peru must receive your correct, complete information before your last day of enrollment in the 2014-2015 academic year. Priority filing date for the FAFSA application at Peru State College is March 15th. A priority filing date is not a deadline.
File online at www.fafsa.ed.gov
Using your Tax Return:
If you are required to file a 2013 federal income tax return, we recommend that you complete it before filling out the FAFSA application. Completed means submitted electronically or by mail to the IRS. If you filed electronically you will need to wait a minimum of 2-3 weeks for the IRS to update their data base with your 2013 federal income tax information. If you mailed your federal income tax return you will need to wait a minimum of 4 to 6 weeks for the IRS to update their database with your income information. Complete your FAFSA application www.fafsa.ed.gov. Utilize the IRS Data Retrieval Process embedded within the FAFSA application to insert you and your parent’s income information. If your FAFSA application is federally selected for verification the IRS Data Retrieval Process will verify the student and/or parent income. You will no longer be required to submit SIGNED copies of you and/or your parent(s) federal tax return(s) (1040, 1040A, 1040EZ).
If you have not completed your 2013 federal tax return you can still submit your FAFSA using your best estimates. After you submit your 2013 federal tax return (electronically or by mail) you will need to wait the minimum of two to six weeks (depending on how you submitted your tax return to the IRS) for the IRS to update their database with your income information before you correct your estimated income figures by logging onto the FAFSA website and using the IRS Data Retrieval Process.
The IRS Data Retrieval Process is a key component to successfully submitting your 2014-2015 FAFSA application.
Using the IRS Data Retrieval Process initially when completing a FAFSA or by using the corrections functionality of FAFSA on the Web, provides you with the fastest, easiest, and most secure solution for meeting income verification requirements.
IRS Tax Return Transcript Required:
Some applicants who are selected for verification will need to submit an IRS Tax Return Transcript of 2013 tax data for the applicant, his or her spouse, and his or her parents, as applicable. These conditions are as follows–
- When the applicant (or parent) did not use the IRS Data Retrieval Process –either at initial FAFSA filing or thru the FAFSA on the Web correction process.
- When information included on the FAFSA using the IRS Data Retrieval Process was subsequently changed.
- When a married independent applicant and spouse filed separate tax returns.
- When the parents of a dependent student filed separate tax returns.
- When an applicant or applicant’s parent had a change in marital status after the end of the tax year on December 31, 2013.
- When the applicant, or parent or spouse, applicable, filed an amended tax return.
Tax filers can request their tax transcript as soon as the IRS processes their return; allow a minimum of 3 to 8 weeks for processing. A 2013 Federal Tax Return Transcript can be requested from the Internal Revenue Service (IRS) free of charge, in one of three ways.
(Copies of 1040, 1040A, 1040EZ forms are no longer acceptable for verification purposes.)
- Available on the IRS Web site at www.irs.gov
- In the Online Services section of the homepage, click “Order a Tax Return or Account Transcript.”
- Click “Order a Transcript.”
Enter the tax filer’s Social Security Number, date of birth, street address, and zip or postal code. Use the address currently on file with the IRS. Generally, this will be the address that was listed on the latest tax return filed. However, if an address change has been completed through the U.S. Postal Service, the IRS may have updated the address on file.
In the Type of Transcript field, select “Return Transcript,” and in the Tax Year field, select “2013.”
- If successfully validated, tax filers can expect to receive a paper IRS Tax Return Transcript at the address included in their online request within 5 to 10 days from the time the online request was successfully transmitted to the IRS.
- IRS Tax Return Transcripts requested online cannot be sent directly to a third party by the IRS.
- Available from the IRS by calling 1-800-908-9946
- Tax filers must follow prompts to enter their Social Security Number and the numbers in their street address. Generally, these will be the numbers of the street address that was listed on the latest tax return filed. However, if an address change has been completed through the U. S. Postal Service, the IRS may have the updated address on file.
- Select “Option 2” to request an IRS Tax Return Transcript, and then enter “2013.”
- If successfully validated, tax filers can expect to receive a paper IRS Tax Return Transcript at the address that was used in their telephone request within 5 to 10 days from the time the IRS receives the request.
- IRS Tax Return Transcripts requested by telephone cannot be sent directly to a third party by the IRS.
Paper Request Form-IRS Form 4506T-EZ
- IRS Form 4506T-EZ should be used to request an IRS Tax Return Transcript.
- Download the IRS Form 4506T-EZ.
- Complete lines 1-4, following the instructions on page 2 of the form. Note that line 3 should be the most current address as filed with the IRS. It is the address where the IRS Tax Return Transcript will be sent. If the address has recently changed, include the address listed on the latest tax return filed on Line 4. However, if an address changes has been completed through the U.S. Postal Service, the IRS may have the updated address on file.
- Line 5 provides tax filers with the option to have their IRS Tax Return Transcript mailed directly to a third party by the IRS. i.e. Peru State College, PO Box 10, Peru, NE 68421-0010
- On line 6, enter “2013” to receive IRS tax information for 2013.
- The tax filers must sign and date the form and enter their telephone number. Only one signature is required to request a transcript for a joint return.
- Mail or fax the completed IRS Form 4506T-EZ to the appropriate address (or FAX number) provided on page 2 of Form 4506T-EZ.
- Tax filers can expect to receive their transcript within 5 to 10 days from the time the IRS receives and processes their signed request. NOTE: Processing Form 4506T-EZ means verifying/validating the information provided on the form. If any information does not match the IRS records, the IRS will notify the tax filer that it was not able to provide the transcript.
IRS Tax Return Transcript and IRS Tax Account Transcript
- IRS Tax Return Transcriptis a typed copy of what was entered on an applicant’s original federal tax return. Most line items should be reflected-including IRS calculations and the final determination of the account on each line item. It is free and can be requested online, via telephone, or by mail.
- IRS Tax Account Transcript shows basic information from an applicant’s federal tax return including his or her marital status, return type, AGI, and taxable income. The IRS Tax Account Transcript also reflects any changes made after the initial filing of the tax return, including changes made by the IRS or the applicant, such as the filing of an amended tax return. It is also free and can be requested online, via telephone, or by mail.
Forms Associated with the IRS Tax Return Transcript or IRS Tax Account Transcript
There are two forms that can be used to request the IRS Tax Return Transcript. These include the Form 4506-T and the Form 4506T-EZ. The IRS Tax Account Transcript can be requested using the 4506-T only.
Quick Facts about the IRS Tax Return Transcript
- It is FREE! No one should be charged for obtaining an IRS Tax Return Transcript.
- Individuals can request their tax transcript as soon as the IRS processes their return. The IRS generally processes online tax returns within 3 weeks and those filed by paper within 6 to 8 weeks.
- Applicants should receive the transcript within 5 to 10 calendar days after their request. This does not change based upon “peak” times for the IRS because the system is automated.
- Applicants can order tax transcripts online, by mail, or by telephone –though ordering online may be a little quicker.
- Students and parents can request the tax transcript be sent directly to a third party, such as a school, but in order to do this they must request the IRS Tax Return Transcript by mail.
- If requesting the IRS Tax Return Transcript via mail, the IRS Form 4506T-EZ is sufficient.
- IRS Tax Return Transcripts do not need to be signed by the tax filer; though the Department of Education encourages it.
- Conflicting information, such as the uncertainty if an applicant filed or not, may be resolved by utilizing IRS Tax Return Transcripts to verify that a student, parent, or spouse did not file. Additional documentation from the IRS or a tax professional may be necessary to verify that an applicant was not required to file.
The applicant/parent should notify the financial aid office if an amended tax return was filed.
Student(s) and/or parent(s) that have filed an amended federal tax return will need to request an IRS Tax Account Transcript as well as an IRS Tax Return Transcript. This is because the IRS Tax Account Transcript reflects changes and the IRS Tax Return Transcript reflects the original figures. Both must be used to verify the applicant’s file. The applicant also has the option of requesting a Record of Account which reflects information from both the IRS Tax Return Transcript and the IRS Tax Account Transcript. However, this document can only be requested by mail using an IRS Form 4506-T and can take up to 30 days to receive.
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