Palm Beach Atlantic University

The U.S. Department of Education enhanced the FAFSA filing process by allowing applicants and parents to retrieve tax data from the IRS. This process is called the IRS Data Retrieval Tool. We strongly recommend that parents and students select this option when filing their FAFSA. This option will streamline and expedite the processing of your financial aid. By using the IRS Data Retrieval Tool, you will lower your chances of being selected to submit additional documents to our office. If you are not able to file tax a return by March 15, 2013 submit the FAFSA anyway using estimated tax information. Return to FAFSA website after filing taxes and use IRS Data Retrieval Tool to update tax information.

What is the IRS Data Retrieval Tool?

• IRS Data Retrieval tool will allow FAFSA filers to request and retrieve their income and tax data from the IRS
• Electronically filed tax return information will be available approximately 10 days after the return has been filed
• Data from paper tax returns will be available in 6-8 weeks
   

What are my next steps?

1. Complete and file your 2012 federal tax returns for both the student and parents.
2. For optimal filing, submit your taxes electronically. After approximately 10 days, the data will be stored within the IRS database and will be available to be transferred to your FAFSA.
3. File the FAFSA electronically and instead of entering the students and parents tax information manually, click on “LINK TO IRS.” The tax information will automatically be entered from the Internal Revenue Service database onto the FAFSA.

This should allow for accurate information to be submitted and if selected for verification, this should greatly reduce the amount of time and effort needed to complete requirements for financial aid processing, awarding, and notification.
 

You are unable to use this IRS option if any of the following apply:

• You are married and filed separately
• A change of marital status was made after December 31, 2012
• You filed an amended tax return