FSA: New Partnership With IRS To Simplify Tax Transcript Collection Process

Amanda Sharp, NASFAA Training and Regulatory Assistance Staff 

At the 2013 Federal Student Aid (FSA) Training Conference held earlier this week in Las Vegas, the IRS announced during the “Consumer Information: FSA & IRS Expand Collaboration!” session that beginning with 2014 tax filing season, parents and students will be able to download and print a PDF version of their IRS Tax Return Transcript. Currently, tax filers who either are unable to use the IRS Data Retrieval Tool (DRT) when completing the FAFSA on the Web, or who simply choose not to take advantage of DRT, must utilize a process that requires them to wait for a paper transcript to be mailed to them. UPDATE: 2013 Federal Income Tax Return Transcripts will be available via Get Transcript early in the 2014 tax filing season. Filers will be required to provide authentication prior to viewing and printing their Tax Return Transcript. At this time, the information required for user authentication has not been provided. Although DRT is still the preferred method for providing tax information when completing the FAFSA, this new service will simplify the process of obtaining a Tax Return Transcript for those filers who are not eligible to use the IRS Data Retrieval Tool. A few of the key features of Get Transcript include:

  • For individual filers
  • Delivers all available transcript types and/or Letters of Non-Filing
  • Accessible after taxpayer authenticates
  • Provides immediate display of transcript via PDF; users can view, print, and save the file.

Get Transcript will be the preferred method for obtaining an IRS Tax Return Transcript. The filer will simply go to www.irs.gov/transcript. After user authentication, students or parents will provide the reason for the request, select the year(s), type(s) of information requested, and other requested information, and the document will be displayed in a printable format. 

The timing of this announcement will allow institutions the time needed to inform students and parents about the benefits of this new service; namely that it will help students provide the necessary verification documentation and receive aid more quickly, while reducing some of the burden for financial aid administrators when trying to collect this information. Students and parents will be able to sit at a computer in the financial aid office on their campus and access the transcripts needed, print, and provide them to aid administrators on the spot!  

 

Publication Date: 12/6/2013


Erin T | 12/6/2013 4:58:30 PM

Sorry for any confusion. Thanks for calling this to our attention. Please see the update above in bold. Hopefully this will help to clarify.

-NASFAA Communications Team

Catherine R | 12/6/2013 2:42:07 PM

"Currently, tax filers who either are unable to use the IRS Data Retrieval Tool (DRT) when completing the FAFSA on the Web, or who simply choose not to take advantage of DRT, "
My interpretation is that it is not to replace the data retrieval tool, so all that tax information you get electronically will still come that way. It will not come via the pdf. This will replace the transcript request process. Once the student has the pdf you can (if you have the functionality) you can upload that directly to your imaging system instead of getting that paper transcript. It will actually cut down on the amount of paper FAAs overall should cross their desk.

Judith C | 12/6/2013 1:58:23 PM

I agree with Daniel. If they are de-emphasizing data transfer in favor of spinning paper loops then this is not an easier process for families or for FAO's.

Daniel S | 12/6/2013 11:54:10 AM

How is this easier for the FAO? We will get more traffic and more paper as we try to go paperless...They wont have everything in most cases to do it on the spot in our offices. And then its additional input to complete verification when many could have done DRT.

Jaime M | 12/6/2013 9:26:40 AM

Will this remove the need for 4506T request ?

Jackie W | 12/6/2013 9:26:02 AM

Need to get clarification : Is this affective Jan 1 2014 when 2013 taxes are filed or Jan 1 2015 when 2014 taxes are filed? I am assuming that if they are saying "2014 tax filing season" that means after Jan 1, 2015.

Joseph K | 12/6/2013 9:19:59 AM

When they indicate the 2014 tax filing season, are they referencing this upcoming spring 2014, when tax payers file their 2013 calendar year taxes?
Or are they referring to early 2015 when people are filing their 2014 taxes?

Cathy M | 12/6/2013 9:9:27 AM

Will this require that the student and parent know the tax filing status, exact spelling of address and amount due or refund? If not, what information will they need to know to access and print on the spot?

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