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:
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