Verification is a process where Williams will be comparing information from your FAFSA (Free Application for Federal Student Aid) to financial documents such as your 2015 Tax Return Transcripts, W-2's, 1099's, and other items as needed. The law says that before awarding Federal Student Aid, we may ask you to confirm the information that you reported on the FAFSA. To verify that you provided correct information, we will compare your FAFSA with the information on the Verification Forms and with any other required documents. If there are differences, the Financial Aid Office will make the needed corrections.
The following documents may be needed in the verification process. The Financial Aid Office will notify you which documents are needed for your specific situation:
*Instructions for Tax Payers who receive a 1099-MISC
You must file a 1040 and Schedule SE (Form 1040) for self-employment tax if:
- Your net earnings from self-employment (excluding church employee income) were $400 or more, or
- You had church employee income of $108.28 or more
How to get an IRS Tax Transcript
The best way to verify income is by using the IRS DRT (Data Retrieval Tool) that is part of FAFSA on the Web which can be found at www.fafsa.ed.gov. If you are unable or choose not to use the IRS DRT, and your application is selected for verification, you must submit to the school a 2015 IRS Tax Return Transcript - copies income tax returns will not be accepted..
To obtain an IRS Tax Return Transcript, go to www.IRS.gov and click on the "Get a tax transcript for your Tax Records" link. Then, click on "Get Transcript Online" and follow the on screen instructions to have your tax return transcript mailed to you. Make sure to request the "IRS Tax Return Transcript". You will need your Social Security Number, date of birth, and the address on file with the IRS (normally, this will be the address used when the 2015 IRS Federal Tax Return was filed). It takes two to three weeks for IRS income information to be available for electronic IRS tax return filers, and up to eight weeks for paper IRS tax return filers.
Extensions on tax returns - If an individual is required to file a 2015 income tax return and has been granted a filing extension by the IRS, the following documents must be provided:
- A copy of the IRS Form 4868, "Application for Automatic Extension of Time to File a U.S. Individual Income Tax Return," that was filed with the IRS for tax year 2015; and
- A copy of IRS Form W-2 for each source of employment income received for tax year 2015 and, if self-employed, a signed statement certifying the amount of the individual's AGI and the U.S. income tax paid for tax year 2015.
Amended tax returns - If an individual filed an amended IRS income tax return for tax year 2014, you must provide both of the following:
- A signed copy of the original 2015 IRS income tax return that was filed with the IRS; and
- A 2015 IRS Tax Return Transcript; and
- A signed copy of the 2015 IRS Form 1040X, "Amended U.S. Individual Income Tax Return," that was filed with the IRS.
Victims of Identity Theft - A victim of IRS identity theft who has been unable to obtain a 2015 IRS Tax Return Transcript or use the IRS DRT (IRS Data Retrieval Tool) must provide a signed copy of the 2015 paper IRS income tax return that was filed with the IRS and a signed copy of IRS Form 14039 "Identity Theft Affidavit" if one was submitted to the IRS. If the individual did not keep a copy of Form 14039 or the IRS did not require him or her to submit one, he or she must provide one of the following:
- A statement signed and dated by the individual indicating that he or she was a victim of IRS identity theft and that the IRS is investigating the matter. The statement must also indicate that the individual submitted a Form 14039 to the IRS, but did not keep a copy of it or that he or she was not required to file the form; or
- A copy of a police report if it was filed related to the IRS identity theft.
Non-IRS Income Tax Returns - If an individual filed or will file a 2015 income tax return with Puerto Rico, another U.S. territory (e.g., Guam, American Samoa, the U.S. Virgin Islands, the Northern Marianas Islands), or with a foreign country, provide a signed copy of the 2015 income tax return(s).