The IRS Data Retrieval tool allows the FOTW filers to directly transfer the required information from their federal income tax returns to the corresponding questions on the form. Due to the intelligent skip-logic feature of the FOTW, questions regarding the IRS Data Retrieval Tool will be asked to you, only if you indicate that you have successfully completed your federal income tax returns. The use of the IRS Data Retrieval Tool minimizes the risk of inserting incorrect information, and so there is less likelihood of the student’s FAFSA undergoing verification.
Many schools and college have early deadlines, and so the students have to use the estimated income and tax information. The IRS Data Retrieval Tool provides you with the privilege to update the information even after their federal income tax returns have been filed.
What if the student’s FAFSA is selected for verification?
In case, you have not used the IRS Data Retrieval Tool and your FAFSA is selected for verification, you will be required to complete IRS Form 4506-T, Request for Transcript of Tax Return. This form can take up to 30 days to process, so it will be beneficial on your part to request the tax transcript online, or by calling -800-908-9946 or 1-267-941-1000 (not toll-free) or 1-267-941-1055 (fax).
HOW TO USE THE IRS DATA RETRIEVAL TOOL? – THE STEP-BY-STEP GUIDE
In this section, we are going to explain each and every minute detail that is going to come your way, while you use the IRS Data Retrieval Tool.
When you choose to use the IRS Data Retrieval Tool, the FAFSA will inform you that you are leaving the FAFSA web site. You will see a similar web page, as it is shown below:
Other lessons on FAFSA