DEADLINE FOR 2016-2017 ISIR CORRECTIONS

This year, the federal deadline to make corrections or updates to a 2016-2017 ISIR is on Saturday September 9, 2016.

According to the Federal Register, the deadline date for the receipt of a signature page for the FAFSA (if required), correction, notice of change of address or school, or request for a duplicate SAR is September 9, 2017.

For all Federal student aid programs, an ISIR or SAR for the student must be received by the institution no later than the student’s last date of enrollment for the 2016-2017 award year or September 23, 2017, whichever is earlier.

Verification documents must be received by the institution no later than 120 days after the student’s last date of enrollment for the 2016-2017 award year or September 23, 2017, whichever is earlier.

2017-2018 FAFSA VERIFICATION – IRS TAX RETURN TRANSCRIPT MATRIX

Financial Aid Consultant - Verification

Federal Student Aid released the 2017-2018 FAFSA Verification-IRS Tax Return Transcript Matrix that institutions can use for verifying 2017-2018 tax return information for selected applicants. Because the 2017-2018 FAFSA uses prior-prior year income and tax return information, this matrix remains unchanged from the one FSA provided for the 2016-2017 FAFSA. The 2017–2018 FAFSA Verification-IRS Tax Return Transcript Matrix is applicable only for U.S. IRS tax return filers (IRS Form 1040, 1040A, and 1040EZ) and includes only the tax return items required by the Department to be verified for 2017–2018. IRS Tax Return Transcript shows most line items from a tax filer’s original tax return.  An IRS Tax Return Transcript does not include information from an amended tax return.

Revised 2016-2017 FAFSA Verification-IRS Tax Return Transcript Matrix

Ed has released corrected 2016-2017 IRS Tax Return Transcript Matrixes after several institutions noted that the original IRS Tax Return Transcript Matrix did not accurately describe which lines from an IRS Tax Return Transcript should be used for verification of Income Tax Paid. ED explains that this inaccuracy was the result of different placements on the IRS transcripts of certain taxes and credits that are related to the taxpayer’s enrollment (or lack of enrollment) in an approved health insurance program as provided for in the “Affordable Care Act” (ACA). Only a small number of taxpayers are impacted by these ACA taxes and credits.

Under provisions of the Higher Education Act (HEA), taxes and credits related to the ACA are not to be included in the amount of U.S. Income Tax that is used in the calculation of a student’s expected family contribution (EFC). http://1.usa.gov/1NZiq07