In a few weeks, parents and students will begin the process of completing the Free Application for Federal Student Aid (FAFSA). If you are a new or returning user, be sure to take a look at the IRS Retrieval Tool. Instead of having to pull all of your financial papers together again, the tool actually allows you to pull information directly from the IRS and your tax forms and imports them into the FAFSA form. This not only reduces the headache of basically preparing another return, but ensures more accurate reporting from year to year, as well. Who can use the form?
Applicants and Parents:
- With a valid SSN and FSA PIN
- Who have completed a 2011 tax return
- With no change in marital status within the last year
How does it work?
- Applicants and/or parents will select ‘Link to IRS’ in the financial information section
- Once connected to the IRS, applicant/parent will need to authenticate
- Once approved, applicant/student tax information will be imported into FAFSA form
If you are unable to verify with the IRS, you will need to fill out the form manually. Be sure that your information matches what you provided on your tax forms, or you may be subject to review. Also, if you elect to send in your FAFSA using estimated income, be sure to go back and correct the form after your IRS return for 2011 is complete. The Retrieval Tool should be available for use by February 1, 2012, for funding during the 2012-2013 school year. For more information about the Free Application for Federal Student Aid, be sure to visit the FAFSA website or WiseChoice.com.
Please Note: The WiseChoice website will be discontinued later this month. Before the site becomes unavailable, we
encourage you to download & save any stored documents you may want to keep from your account. Email us if you have questions.