2014-15 FAFSA Verification Standards
- The IRS Data Retrieval Tool (IRS DRT) is available (beginning EARLY February, 2014) by the U.S. Department of Education which allows the student/parent to transfer their 2013 income tax return information onto the 2014-15 FAFSA application. Students are STRONGLY encouraged to utilize the IRS DRT! NOTE: you must allow 2-3 weeks after you/parent electronically file your tax return before you will be able to download tax return information onto the FAFSA; if filing a paper tax return, you must allow 8-11 weeks before you will be able to download tax return information onto the FAFSA.
- Students NOT using the IRS DRT will most likely be selected for verification and, if selected, students/parents MUST submit an IRS Tax RETURN TRANSCRIPT to the MSU Financial Aid Office -- copies of signed tax returns will no longer be accepted (unless a foreign tax return has been filed or identity theft has occurred). Also, if selected, documentation will be required if a student/parent reports Child Support PAID or receipt of SNAP benefits (formerly, the Food Stamp program) on the FAFSA.
- If a student/parent reports income-earned-from-work but did NOT file a tax return, student/parent must submit W2’s to the MSU Financial Aid Office to document the income earned from work.
- To request a FREE copy of you/parent IRS Tax RETURN TRANSCRIPT, note these options:
- ‘Get Transcript’ – www.irs.gov/transcript
- New service which is accessible after taxpayer authentication
- Provides immediate display of transcript via PDF file
- Users view, print and save the file
- Online – www.irs.gov (5-10 calendar days)
- By phone – 1-800-908-9946 (5-10 calendar days)
- By mail – IRS Form 4506T (up to 10 calendar days)
- IRS2Go – mobile app (5-10 calendar days)
(Be sure to request a RETURN TRANSCRIPT, not Account Transcript).