FAFSA Verification Instructions Parent Contact: IVFINDEP

Transcription

1 FAFSA Verification Instructions Parent Contact: IVFINDEP FAFSA has selected your child s application for Verification. Verification is a quality control process in which FAFSA requires the Office of Student Financial Planning to collect additional documents and information in order to confirm the accuracy of the data which was reported on the student s FAFSA. This affects about thirty percent (30%) of all FAFSAs. It is a routine process but processing of your student s application for Financial Aid cannot continue until this is completed. Instructions: 1) Verification Worksheet: In addition to this set of instructions, you will also be required to complete and submit a Verification Worksheet. There are four different versions. The required for your student application has been presented to your student on their MyKWU Student Portal under >Student Financial Planning > Financial Aid Document Tracking > Be sure to download this document, complete and sign it and submit it to the Office of Student Financial Planning as promptly as possible. NOTE: The Instructions in this document are related to the Verification Worksheet Section B Tax Filer Information. 2) Provide Information related to your 2015 Federal Income Tax Returns: A. If you have filed your 2015 Federal Income Tax Return, and did so ELECTRONICALLY more than three weeks ago, you may be able to import your data using the IRS Data Retrieval Tool in FAFSA. This is the best way to provide this information as we are no longer allowed to accept a photocopy of your Federal Tax Return to satisfy this requirement. a. Instructions on using the IRS Data Retrieval Tool in FAFSA : i. Go to ii. Log onto your student s FAFSA using your FSAID. iii. When you have successfully logged in, you will be on a page that says Congratulations, you have successfully submitted Scroll down to the hypertext link that reads Make ISIR Corrections. Click on that link. iv. Go to the Tab titled Financial Information. v. Scroll down to the section containing questions about your 2015 Federal Income Tax Return. vi. Make sure you answered the below question by checking the Yes Radial button: My parents have already completed their return. vii. A white box should appear. It will ask you four questions 1. If you can answer all four questions with the answer No, then you will be able to use the IRS Data Retrieval Tool in FAFSA. a. It will offer you the option to Transfer your information from the IRS using the IRS Data Retrieval Tool. Select Yes. b. FAFSA will take you into the IRS Website, where the IRS will ask you to authenticate with them by asking you to provide some information from page one of your tax return. Be sure to enter that data exactly as it appeared on your 2015 tax return (i.e. Street is not the same as St.) c. It will display your 2015 Federal Income Tax Return information. d. Scroll to the bottom. e. It will ask you if you want to transfer your tax data to FAFSA, on the left side select Yes and select Transfer Now on the right side. f. You will be immediately transferred back into FAFSA; your data will have been loaded into your FAFSA and saved CONTACT IVFINDEP Verification Instructions Parent Version: 2/11/2016 Page 1 of 5

2 g. Sign with your FSAID and Submit the FAFSA. b. A new FAFSA will arrive at the KWU Office of Student Financial Planning in about four business days. We will then be able to continue processing. If you have filed your 2015 Federal Income Tax Return, and but did so ELECTRONICALLY less than three weeks ago, or if you filed a paper return, you will have to wait to accomplish IRS Data Retrieval. Follow the above instructions to import your data using the IRS Data Retrieval Tool in FAFSA. (See the Q& A below for more details from the IRS on time frames.) B. What if you did file but are not eligible to use the IRS Data Retrieval Tool in FAFSA? Don t worry. You can still complete Verification another way! You can provide a copy of your (and your spouse s-if you filed separate returns) 2015 IRS Tax Transcripts (not the Tax returns themselves we cannot accept those). a. Instructions to obtain an IRS Tax Transcript: If you have not been able to use the IRS Data Retrieval Tool within FAFSA to transfer your 2015 IRS Tax information into FAFSA, the US Dept. of Education will require a copy of your 2015 IRS Tax Transcript (and your spouse s 2015 IRS Tax Transcript if you and your spouse filed separately,) in order to complete Verification. We cannot proceed to process your student s application for financial aid until Verification is completed. Note: From the date you filed your 2015 Federal Income Tax Returns ELECTRONICALLY, it takes about 3 weeks or roughly 21 days, for your tax information to be available for download as a Tax Transcript or to use the IRS Data Retrieval Tool, or to obtain a copy of your Tax Transcript from a local IRS Office. If you filed a paper return, it will take somewhat longer. In addition, if you owe to the IRS, it will also take several weeks longer for the IRS to process your Tax return so the IRS Data Retrieval Tool within FAFSA or the Tax Return Transcript will not be available to you until then, and you will not be able to complete Verification until then. (See the Q&A below for more details from the IRS on time frames.) 4. If you have not yet filed your 2015 Federal Income Tax Return, but will be able to file your returns by the April 15 th filing deadline, you will not be able to complete this step until approximately three (3) weeks after you file your return ELECTRONICALLY, somewhat longer if you submit the paper return, or owe the IRS*. You will not be able to complete Verification until you either import your Tax information into your FAFSA using the IRS Data Retrieval Tool, or you can provide a Tax Transcript. See the instructions below on how to obtain an IRS Tax Transcript. (See the Q& A below for more details from the IRS on time frames.) 5. If you have not yet filed your 2015 Federal Income Tax Return, AND will NOT be able to file your returns by the April 15 th filing deadline, AND you have requested an extension to file your returns AFTER 4/15/2016 from the IRS, there is another avenue for the completion of Verification. Go to the website>current Students>Student Financial Planning>Forms. See the pdf titled Tax Extension Verification form- Parent. Download this form and follow the instructions thereon. Submit the required documents to the KWU Student Financial Planning Office. *The Verification rules changed a couple of years ago. We are not allowed to accept photocopies of the Tax return that was filed; you must use the IRS Data Retrieval Tool, or provide us a Tax Return Transcript. You will not be able to receive a Financial Aid award letter until this issue is resolved. THIS IS AN URGENT MATTER CONTACT IVFINDEP Verification Instructions Parent Version: 2/11/2016 Page 2 of 5

3 Three Weeks after you filed your return ELECTRONICALLY you may be able to obtain an IRS Tax Transcript. 1 On-Line Request Request a copy of the 2015 IRS Tax RETURN Transcript from the IRS Website. OR 2 Telephone Request Request a copy of the 2015 IRS Tax RETURN Transcript from the IRS by telephone OR 2 Visit a local office of the IRS and request a copy of your 2015 Tax Transcript. Have a taxpayer on the form sign it. Forward all pages to the Office of Student Financial Planning. How to request an IRS Tax Transcript The IRS will mail the Tax Return Transcript to the address on the Tax Return. This will take about 7-10 days. Sign and forward the Transcript to the Student Financial Planning Office via Fax to , or mail it to the above address or scan and to finaid@kwu.edu. Please print the student s name and KWU Student ID# on all pages. (See Q & A below: What if I have changed my address since I filed my return? below.) You may also use the IRS automated phone transcript service at to receive your transcript by mail. Please allow 5 to 10 calendar days for delivery. The IRS will mail the Tax Return Transcript to the address on the Tax Return These are government offices. Their lobbies close promptly at 4:30 PM; be sure to arrive in plenty of time to complete your transaction with the IRS. IRS Offices Nearest to KWU City Street Address Days/Hours of Service Telephone* Overland Park Topeka Wichita 6717 Shawnee Mission Pkwy Overland Park, KS S.E. Sixth Ave. Topeka, KS N. Woodlawn Building 4 Wichita, KS Monday-Friday - 8:30 a.m.- (816) Monday-Friday - 8:30 a.m.- (785) Monday-Friday - 8:30 a.m.- (316) To locate additional IRS Offices that provide the Tax Transcript service, go to Three to six days after you use the IRS Data Retrieval Tool, (and Saved and Submitted your FAFSA, a new FAFSA will arrive at the KWU Office of Student Financial Planning. Hopefully, the new FAFSA will resolve The Tax information aspects of Verification. Begin checking your MyKWU Portal Account > Financial Aid Document Tracking in four business days. If Verification is then completed, this alert with show received, and if all other documents have been received, you can expect an award letter in your KWU and your MyKWU CONTACT IVFINDEP Verification Instructions Parent Version: 2/11/2016 Page 3 of 5

4 Portal account in the near future. If Verification is not completed, a new alert may appear and show Expected and you should contact the Office of Student Financial Planning for further instructions. Completing Verification with IRS Tax Transcripts rather than IRS Data Retrieval does take a couple of days longer, Q & A: 1) What if I have changed my address since I filed my return? Here is the IRS advice copied from the IRS Website: What if my address has changed since I filed my last tax return and it doesn t match IRS records when I try to use Get Transcript by Mail or the automated phone transcript service ? Don t use your old address. The transcript won t get forwarded to you. You ll need to file Form 8822, Change of Address, Generally, it takes four to six weeks to process a change of address. In other words, before you request the Transcript by phone or on the web, Submit the Form 8822 to change your address with the IRS. After 4 weeks, access the Transcript Request to see if they have updated your address yet. Keep trying until the new address shows up. Then request the IRS Transcript via the Web or via phone. It will go to the correct (new) address. 2) What are the time frames for the availability of IRS Tax Return Transcripts and the IRS Data Retrieval? The time frames for IRS Data Retrieval are the same as for IRS Tax Transcripts CONTACT IVFINDEP Verification Instructions Parent Version: 2/11/2016 Page 4 of 5

5 Free help with filing your Income Tax Return may be available from the IRS Volunteer Income Tax Assistance Program. In Salina, KS, contact the United Way, 110 S. Santa Fe Avenue, Salina, KS 67401, (785) , where VITA volunteers will be available from January 25 th through April 14 th, Or go to the IRS website ( to search for a VITA program in your area. You will not be able to receive a Financial Aid award letter until this issue is resolved. THIS IS AN URGENT MATTER CONTACT IVFINDEP Verification Instructions Parent Version: 2/11/2016 Page 5 of 5