When students and families are unable to use the IRS Data Retrieval Tool through FAFSA on the Web, they often have to provide hard copies of tax documents to the financial aid office to complete verification. Over the last few years, students, families and school financial aid officers have struggled to navigate the IRS systems both over the phone, online and by mail. Jeff Baker has come to the rescue with another chart that will demystify and even perhaps help expedite IRS Documentation Requests. You can grab the chart here: http://bit.ly/2mEWkED
There are four main documents that college financial aid advisors can use to complete FAFSA Verification:
- Tax Return Transcript
- Record of Account
- Tax Account Transcript
- Wage & Income Transcript (IRS Form W-2 documentation)
Mr. Baker’s chart provides information about the verification documents that can be requested from the IRS, the IRS document or response that will result from each request, where the response will be sent, and an estimate of the time for the IRS to respond to the request. According to the document, the IRS responds within 10 business days from the date they receive any request. That’s pretty quick.