FAFSA Headaches Might Ease as Online IRS Tool Returns
"Filling out the FAFSA for financial aid is always a headache, but things got worse earlier this year after ID thieves forced the Internal Revenue Service to shut down an online tax tool that made it easier for families to report their income. Now, the question remains: What happens next?" the Detroit Free Press reports
"The time to tackle the paperwork for financial aid for the 2018-19 school year kicks off Oct. 1.
The good news is that filling out the Free Application for Federal Student Aid should be less stressful once the IRS Data Retrieval Tool returns Oct. 1. The IRS cut off access in March after realizing the tool was proving to be way too useful to ID thieves engaging in tax refund fraud.
But some key changes are being made to address security issues. Under the new system, some families will need to make certain adjustments, particularly if they're a dual-income married couple, if they filed an amended tax return or the family had a direct IRA rollover into another retirement account. ...
'The fact that the IRS Data Retrieval Tool is coming back up Oct. 1 is going to be a big help for students and families trying to complete their financial aid applications,' said Justin Draeger, president and CEO of the National Association of Student Financial Aid Administrators."
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Publication Date: 8/24/2017