NASFAA has published its annual reference tool on how to use federal income tax returns, forms, and schedules in need analysis for the 2008-09 award year. NASFAA’s Using Federal Tax Returns in Need Analysis has been updated to include cross-references in the "Tax Forms and Schedules Comparison" and "Guide to Implied Income and Assets" charts to the appropriate 2007 IRS tax forms and line items, as well as to the applicable 2008-09 FAFSA questions.

Using Federal Tax Returns in Need Analysis also 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 untaxed 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/PDFs/2008/200809FederalTaxReturns.pdf. It is a benefit of NASFAA membership and requires a Web site ID to access.

By David L. Futrell
NASFAA Assistant Director for Professional Assessment, Training, and Regulatory Assistance

Posted 02/27/08 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web Site questions or comments to Web@NASFAA.org.