What is the IRS Data Retrieval?
IRS Data Retrieval is a system that links your FAFSA with your filed federal tax information through the IRS.
How does it work?
Beginning February 5th a student is able to update their already filed FAFSA with the IRS Data Retrieval by linking to their federal taxes and pulling the information into the required FAFSA fields.
When should I use the IRS Data Retrieval?
Taxes are required to be filed electronically at least 2 weeks prior to using the IRS Data Retrieval process or 6-8 weeks if the taxes were not submitted electronically. The IRS Data Retrieval process will not be available until February 1st.
Do I have to update my FAFSA with the IRS Data Retrieval?
No, you are not required to use the IRS Data Retrieval process. FAFSA’s updated through the IRS Data Retrieval system will be less likely to be selected for Verification. Students that link their FAFSA to the IRS system will have automatically fulfilled most verification criteria.
What if I don’t use the system and am selected for Verification?
Beginning in the 2012-2013 academic year verification requirements are changing. The Financial Aid Office will no longer be able to accept copies of a student or parents prepared taxes and W-2’s. Verification will require that the Financial Aid Office to collect a copy of the student and/or parents IRS tax transcript. This will mean the individual will need to contact the IRS to request this form to provide to the Financial Aid Office.
