Posted Date: March 16, 2012

Author:  Jeff Baker, Director, Policy Liaison and Implementation, Federal Student Aid

Subject: Revised 2012-2013 FAFSA Verification - IRS Tax Return Transcript Matrix

On February 24, 2011, we posted an electronic announcement that included a 2012-13 FAFSA Verification-IRS Tax Return Transcript Matrix. The 2012-13 FAFSA Verification-IRS Tax Return Transcript Matrix was created to help financial aid administrators understand how to verify IRS income and tax information when an IRS Tax Return Transcript has been submitted by the parent or student.

Based upon new guidance received from the IRS, we are issuing a slightly revised 2012-13 FAFSA Verification-IRS Tax Return Transcript Matrix, as an attachment to this electronic announcement. On the original February 24 matrix, under the “2011 IRS Tax Return Transcript Item” column we directed financial aid administrators to use the “Tentative Tax Per Computer” value from an IRS Form 1040A transcript to verify the “Income Tax Paid” FAFSA item. The attached revised matrix now instructs financial aid administrators to use the “Total Tax Liability TP Figures Per Computer” value from an IRS Form 1040A transcript to verify the “Income Tax Paid” FAFSA item, as this value correctly includes the tax credits that a tax filer may receive.

If you have any questions about the attached matrix, please contact our Research and Customer Care Center staff. Staff are available Monday through Friday between the hours of 9:00 AM and 5:00 PM (Eastern Time) at 1-800-433-7327. After hours calls will be accepted by an automated voice response system. Callers leaving their names and phone numbers will receive a return call the next business day. Alternatively, you may email the Care Center at fsa.customer.support@ed.gov.

 

Attachments/Enclosures:

Revised 2012-2013 FAFSA Verification-IRS Tax Return Transcript Matrix in Microsoft Excel Format, 38KB

   

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