Thinking of attending a trade-school, career school or enrolling in a university or college? If so, you will need to familiarize yourself with the IRS data retrieval tool. It’s one of the most important steps you can take to ensure that the Free Application For Student Aid (FAFSA) goes smoothly.
Although dealing with the IRS can seem a little unsettling, the agency has been tasked with ensuring student aid is delivered to those who actually qualify. The IRS verifies each FAFSA submitted. So, before you start your FAFSA application, first visit the www.pin.ed.gov website. The pin ensures prospective college students will be able to verify their application with an electronic signature.
Federal student aid taps the U.S. Treasury to help students with higher education costs, so it’s important that students protect their personal information, particularly their social security number. The IRS has a specific protocol in place to protect your information from possible exposure to unscrupulous individuals. As you gather the information you need, ensure you always protect that data. And remember to keep your FAFSA pin secure, too.
Have a copy of your most recent tax return available as you complete the FAFSA form. Colleges, trade schools and universities use the IRS to verify that the information on your application for student aid is accurate.
Make a note of the deadlines for applying for financial aid for college. Some states have earlier deadlines than others. According to the IRS, In most cases, students and parents should wait three weeks if they filed electronically or 11 weeks if they filed a paper tax return.
You may be asked to submit financial information before you have prepared your tax return. Keep in mind that you will be able to amend your FAFSA later if you do not have all the information on hand by the FAFSA application deadline.
Do not give into the temptation to fudge on the numbers you report on your FAFSA. If you knowingly falsify information on your FAFSA application, you may be disqualified for grants or student aid. Just as with an IRS return, it’s important to go over the figures and ensure you are submitting the correct information. And, when you graduate, we’ll be happy to help you with all your future tax prep needs!