Financial aid regulations changing
Federal financial aid regulations are changing the way the college collects income tax information from students, using an IRS database rather than a paper report.
Starting with the 2012-2013 academic school year, for FAFSA verification purposes, financial aid offices across the country will not be able to accept signed copies of federal tax returns from parents or students.
“If selected for verification, students and parents of dependent students will need to supply a Federal Tax Transcript or have completed the FAFSA-IRS Data Retrieval process as well as submit a verification worksheet,” said Linette McMurtrey, assistant director of Student Financial Support Services at OCCC.
Using the IRS Data Retrieval process is an easier, more efficient way to provide tax information on the Free Application for Federal Student Aid,” McMurtrey said.
All students who complete the FAFSA online and the parents of dependent students, who indicate that they have filed their federal tax returns prior to completing their FAFSA and who are otherwise eligible will be directed to use the FAFSA-IRS Data Retrieval process.
The retrieval process will display your tax information and allow you to transfer it directly to your FAFSA.
If you didn’t originally use the IRS Data Retrieval option and you get selected for verification, you can go back to your FAFSA online and complete the retrieval process.
If you choose not to use the retrieval process or are unable to, you will need to submit a Federal Tax Transcript to the Financial Aid Office.
Federal Tax Transcripts can be requested through the IRS website or by filling out the IRS Form 4506T-EZ.
If you have questions or need assistance with this process, contact Financial Aid at 405-682-7525.
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