IRS 2016 FEDERAL TAX TRANSCRIPT INFORMATION

Transcription

1 Financial Aid Office P.O. Bx 6905 Radfrd, VA Phne: (540) Fax: (540) RU Financial Aid Website: IRS 2016 FEDERAL TAX TRANSCRIPT INFORMATION Imprtant Nte: The instructins belw apply t each parent/step-parent included in the husehld and t the student (and spuse, if applicable). If each parent/step-parent r a student s spuse filed separate tax returns, a signed cpy f each Federal IRS Tax Transcript will be required. The FAFSA IRS Data Retrieval (IRS DRT) ptin f the FAFSA will nt wrk fr students r parents filing separate tax returns. If neither parent is required t file an IRS Federal tax return, please cmplete the Parent Nn-Filer Statement lcated n the Financial Aid Frms page fund at ( If the student r neither student and spuse, if applicable, are required t file an IRS Federal tax return, please cmplete the Student Nn-filer Statement lcated n the Financial Aid frms page at ( Instructins: The best way t verify incme is by using the IRS Data Retrieval Tl (IRS DRT) that is part f FAFSA n the Web at FAFSA.gv. In mst cases, n further tax dcumentatin is needed t verify 2016 incme infrmatin that was transferred int the student s FAFSA using the IRS DRT if that infrmatin was nt changed. Instructins are included belw. If yu are unable t use the IRS Data Retrieval Tl with the FAFSA, yu will need t request a Federal Tax Return Transcript. Instructins fr requesting a transcript is lcated at the bttm f this dcument. In mst cases, fr electrnic tax return filers, 2016 IRS incme tax return infrmatin fr the IRS DRT is available within 2 3 weeks after the 2016 electrnic IRS incme tax return has been accepted by the IRS. Generally, fr filers f 2016 paper IRS incme tax returns, the 2016 IRS incme tax return infrmatin is available fr the IRS DRT within 8 11 weeks after the 2016 paper IRS incme tax return has been received by the IRS. If yu have questins r need assistance with the data retrieval tl n the FAFSA, please call the Federal Custmer Service Center at Verificatin f infrmatin reprted n this frm may be requested. Review f verificatin dcuments may take up t fur weeks. Additinal infrmatin may be needed after the review f dcuments. Awarding will nt ccur until all dcuments are received and verified. Students will be cnsidered fr funds that are available at the time verificatin is finalized. Students can mnitr dcuments received, reviewed, r needed thrugh their MY RU Accunt. Crrespndence regarding verificatin will be sent t the student s RU address. Verificatin must be finalized prir t the payment date fr the semester t receive any deferment r partial deferment f charges. Students wh have nt received award ntificatins (r if awards are insufficient t cver balances due) by the time payment is due, they will need t pay university charges by the payment deadline. Please be sure t include the student s RU ID number n all pages f dcuments sent t the RU Financial Aid Office.

2 Instructins fr using the IRS Data Retrieval Tl with yur FAFSA If yu have questins r need assistance with this tl, please call the Federal Custmer Service Center at G t / and click Lgin buttn. 2. Enter student infrmatin and click next. 3. Click n the tab at the tp f the page. At the bttm f the page, click n Make FAFSA Crrectin.

3 4. Create a Save Key as indicated belw. Click next. 5. Click Financial Infrmatin tab lcated near the tp f the page. 6. Select already cmpleted frm drp-dwn and select n fr the next three questins chices then enter parents FSA ID and click Link t IRS

4 7. Click OK at the page titled Leaving FAFSA n the Web. 8. Click OK t clse warning, then fill ut frm and click submit.

5 9. Verify infrmatin fr accuracy, scrll t the bttm f the page, mark the check bx, and click Transfer nw. 10. Yu will see a cnfirmatin if the transfer was successful. If yu are unable t transfer the IRS tax infrmatin, yu will need t btain a Federal IRS Tax Transcript. See the instructins belw.

6 IRS Tax Transcript Request Prcess Tax filers can request a transcript, free f charge, f their 2016 tax return frm the IRS in ne f three way: Online Request Available n the IRS Web site at On the IRS hmepage select Get My Tax Recrd Click Get Transcript Online Enter yur Lgin infrmatin r Create Accunt. Enter the tax filer s Scial Security Number, date f birth, street address, and zip r pstal cde. Use the address currently n file with the IRS. Generally, this will be the address that was listed n the latest tax return filed. Hwever, if an address change has been cmpleted thrugh the US Pstal Service, the IRS may have the updated address n file. Click Cntinue In the Type f Transcript field, select Return Transcript and in the Tax Year field, select If successfully validated, tax filers can expect t receive a paper IRS Tax Return Transcript at the address included in their nline request, within 5 t 10 days frm the time the n-line request was successfully transmitted t the IRS. IRS Tax Return Transcripts requested nline cannt be sent directly t a third party by the IRS. Telephne Request Available frm the IRS by calling Tax filers must fllw prmpts t enter their scial security number and the numbers in their street address. Generally, this will be numbers f the street address that was listed n the latest tax return filed. Hwever, if an address

7 change has been cmpleted thrugh the US Pstal Service, the IRS may have the updated address n file. Select Optin 2 t request an IRS Tax Return Transcript and then enter If successfully validated, tax filers can expect t receive a paper IRS Tax Return Transcript at the address that was used in their telephne request, within 5 t 10 days frm the time the IRS receives the request. IRS Tax Return Transcripts requested by telephne cannt be sent directly t a third party by the IRS. Paper Request Frm IRS Frm 4506T-EZ IRS Frm 4506T-EZ shuld be used instead f IRS Frm 4506-T because it is sufficient t request an IRS Tax Return Transcript. Dwnlad at Cmplete lines 1 4, fllwing the instructins n page 2 f the frm. Nte that line 3 shuld be the mst 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 n the latest tax return filed n Line 4. Hwever, if an address change has been cmpleted thrugh the US Pstal Service, the IRS may have the updated address n file. Line 5 prvides tax filers with the ptin t have their IRS Tax Return Transcript mailed directly t a third party by the IRS. Institutins are respnsible fr ntifying aid applicants whether t list the institutin as the third party t receive the Transcript r nt. Sme institutins may have difficulty matching a parent s incming IRS Tax Return Transcript t the aid applicant, as the tw names may be different. On line 6, enter 2016 t receive IRS tax infrmatin fr the 2016 tax year that is required fr the FAFSA. The tax filers (r spuse if requesting infrmatin frm a jint tax return) must sign and date the frm and enter their telephne number. Only ne signature is required t request a transcript fr a jint return. Mail r fax the cmpleted IRS Frm 4506T-EZ t the apprpriate address (r FAX number) prvided n page 2 f Frm 4506T-EZ. Tax filers can expect t receive their transcript within 5 t 10 days frm the time the IRS receives and prcesses their signed request. NOTE: Prcessing frm 4506T-EZ means verifying/validating the infrmatin prvided n the frm. If any infrmatin des nt match the IRS recrds, the IRS will ntify the tax filer that it was nt able t prvide the transcript.

8 Verificatin f 2016 Federal Tax Infrmatin fr Individuals with Unusual Circumstances Individuals Granted a Filing Extensin by the IRS If an individual is required t file a 2016 IRS incme tax return and has been granted a filing extensin by the IRS, prvide the fllwing dcuments: A cpy f IRS Frm 4868, Applicatin fr Autmatic Extensin f Time t File U.S. Individual Incme Tax Return, that was filed with the IRS fr tax year 2016; A cpy f the IRS's apprval f an extensin beynd the autmatic six-mnth extensin if the individual requested an additinal extensin f the filing time fr tax year 2016; and A cpy f IRS Frm W 2 fr each surce f emplyment incme received fr tax year 2016 and, if self-emplyed, a signed statement certifying the amunt f the individual s Adjusted Grss Incme (AGI) and the U.S. incme tax paid fr tax year A cpy f 2016 Federal Tax Return Transcript. A signed IRS Frm 4506 T designating Radfrd University as the 3 rd party recipient. Individuals Wh Filed an Amended IRS Incme Tax Return If an individual filed an amended IRS incme tax return fr tax year 2016, prvide bth f the fllwing: A signed cpy f the riginal 2016 IRS incme tax return transcript that was filed with the; and A signed cpy f the 2016 IRS Frm 1040X, Amended U.S. Individual Incme Tax Return, that was filed with the IRS. Individuals Wh Were Victims f IRS Identity Theft A victim f IRS identity theft wh is nt able t btain a 2016 IRS Tax Return Transcript r use the IRS DRT must cntact the IRS at Upn authenticatin f the tax filer s identity, the IRS will prvide, by U.S. Pstal Service, a printut f the tax filer s 2016 IRS incme tax return infrmatin. Individuals Wh Filed Nn-IRS Incme Tax Returns An individual filed r will file a 2016 incme tax return with Puert Ric, anther U.S. territry (e.g., Guam, American Sama, the U.S. Virgin Islands, the Nrthern Marianas Islands), r with a freign cuntry, must prvide a signed cpy f that 2016 incme tax return(s).