If you have been selected for the Verification Process, you must submit tax data from the Internal Revenue Service. Photocopies of tax returns are not acceptable to complete the verification process.
There are two ways that students and their parents may complete verification of tax data:
The IRS Data Retrieval Tool is now available for 2015-16 FAFSAs.
IRS Data retrieval is the preferred method of providing tax data to satisfy the verification process. To be eligible to complete IRS Data Retrieval, your tax return must have been processed by the Internal Revenue Service. For individuals who file their tax returns electronically, it is typically 2-3 weeks from the filing date before you may complete data retrieval. For taxpayers who mail their returns to the IRS, it is typically 6-8 weeks before data retrieval is an option.
The following taxpayers will not be able to utilize the IRS Data retrieval tool:
2013 taxes for the 2014-15 school year (Spring 2015 semester or Summer 2015)
2014 taxes for the 2015-2016 school year (Which begins Fall of 2015)
SPECIAL NOTE FOR TAXPAYERS WHO ARE PAYING THE IRS (NOT RECEIVING A REFUND):
If you are making payment to the IRS when filing your return, it has been our experience that the IRS will deposit your check immediately, but will then set your return aside until late May. The IRS is prioritizing the processing of returns for taxpayers who are getting refunds. You will not be able to obtain a transcript, do IRS Data Retrieval or complete the verification process until the IRS has actually processed your return.
IRS DATA RETRIEVAL TIPS AND TRICKS
The following link to a step by step short IRS Data Retrieval video may be helpful for you:
If you are unable to utilize the IRS Data Retrieval Tool, you may request a "Transcript" of your federal income tax return by either submitting a Tax Return Transcript Request at http://www.irs.gov or by calling the IRS at (800) 908-9946 or (800) 829-0922.
The IRS offers two types of transcripts - Tax "Return" Transcripts and Tax "Account" Transcripts. Only Tax Return Transcripts are acceptable to complete the verification process.
You will not be able to request a transcript of your tax return until the Internal Revenue Service has processed your tax return. For individuals who file their tax returns electronically, it is typically 2-3 weeks from the filing date before you may complete data retrieval. For taxpayers who mail their returns to the IRS, it is typically 6-8 weeks before data retrieval is an option.