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Effective for the 2012 - 2013, parents and students who complete the Free Application for Federal Student Aid (FAFSA) will be given the option to:
- complete the income sections of the FAFSA by linking to the IRS data base (this is often referred to as the IRS Data Retrieval Process) OR
- provide the college with a signed IRS tax transcript.
The IRS Data Retrieval Process CANNOT be used if:
- you have filed an amended tax return
- you are married and file separately
- the student’s parents had a change in marital status after the end of the tax year on December 31, 2011.
In each of the above cases, the parent(s) and/or student will be required to obtain a tax transcript.
Unfortunately, the IRS Data Retrieval Process and the IRS transcript will not provide us with information reported on W2 form(s) and tax schedules. We routinely review those documents for information to help us better understand the flow of income to the family. Therefore, for purposes of awarding institutional grants, we will still require that you send to our office the 2011 federal signed tax return with applicable W2 statement(s) and tax schedules.
We anticipate that this new requirement might cause some delays and confusion. Our best advice is that you file your IRS tax returns electronically at least 14 days prior to completing the FAFSA. If you have submitted a paper tax return to the IRS the retrieval process could take as long as eight weeks.
If you have not completed your federal tax return by the deadline of April 18, you must complete the FAFSA using estimated income information.
If the student’s parent(s) are separated or divorced and will be filing separate federal tax returns, only that parent who is completing the FAFSA will be asked to participate in the IRS Data Retrieval Process. The non-custodial parent will send a copy of their federal tax return to our office.
Applicants and Students:
Financial Aid Services
270 Mohegan Avenue
New London, CT 06320-4196