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 2014 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:
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.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 2014 IRS Tax Return Transcript - not a copy of the income tax return.
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 print your tax return transcript. 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 2014 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 2014 income tax return and has been granted a filing extension by the IRS, you must provide the following documents:
- 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 2014; and
- A copy of IRS Form W-2 for each source of employment income received for tax year 2014 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 2014.
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 2014 IRS income tax return that was filed with the IRS or a 2013 IRS Tax Return Transcript for the 2013 tax year; and
- A signed copy of the 2014 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 2014 IRS Tax Return Transcript or use the IRS DRT (IRS Data Retrieval Tool) must provide a signed copy of the 2014 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 174039 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 2014 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 2014 income tax return(s).