NASFAA has published its annual reference tool on how to use federal income tax returns, schedules, and forms in need analysis. Line and item references in Using Federal Tax Returns in Need Analysis have been updated on the "Forms Comparison" chart and the "Guide to Implied Assets and Income" chart to refer to 2006 IRS forms and the institutional output document for the 2007-2008 FAFSA.

Using Federal Tax Returns in Need Analysis includes a section on the use of W-2 forms for verifying certain sources of income that may not be accurately reported on the FAFSA. These income items include earnings and tax-deferred income contributed to pension and savings plans. Other untaxed income may also be reported. Using Federal Tax Returns in Need Analysis is a PDF document available at http://www.NASFAA.org/Publications/2007/TaxNeedAnalysis2007.html. It is a benefit of NASFAA membership and requires a Web site ID to access.

Posted 02/23/07 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web Site questions or comments to Web@NASFAA.org.