Using the IRS Data Retrieval Tool for the FAFSA
What is the IRS Data Retrieval Tool? When applying for FAFSA, the government prompts you to enter your family income and assets. The forms need to be precise, so there’s no room for guesswork. Therefore, the information you enter must match your taxes exactly. That’s where the IRS Data Retrieval Tool comes in. It makes the process a lot simpler and more precise by pulling your financial information directly from the tax returns you previously filed.
Why has the tool changed? The IRS removed the retrieval tool last March for security purposes. The tool is back online but with changes that enhance the security and privacy of the sensitive personal data transferred into the FAFSA form from the IRS such that the data is hidden from view on the FAFSA web pages.
What are some of the changes? Because the transferred information is not displayed, applicants and parents will be unable to make any corrections to items transferred from the data retrieval service into the FAFSA form before or after submission. This change will affect how IRA and pension rollovers and income earned from those who report joint tax returns are reported on the online FAFSAform.
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