FORMS: Financial Aid, Tax and Special Circumstance forms
FILING AN AMENDED TAX RETURN
If an applicant is selected for verification and they or their parent(s) (in the case of a dependent student) have or plan to file an amended tax return, they will be unable to use the IRS Data Retrieval Tool or the IRS Tax Return Transcript for verification purposes. In these cases, signed copies of both the original tax return and the IRS Form 1040X that were filed with the IRS need to be submitted to the Financial Aid Office.
FILING A TAX EXTENSION
If an applicant is selected for verification and t hey or their parent(s) (in the case of a dependent student) have filed a tax extension, verification can be completed by submitting the following documents for the individual requesting the extension:
A copy of IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return , or, if a further extension has been requested, a copy of the IRS’s approval of that extension.
Copies of all W – 2 Forms for the appropriate tax year OR, if self – employed, a signed statement with the anticipated amount of Adjusted Gross Income (AGI)
Loras College is no longer allowed to accept a signed copy of a Federal tax return for verification purposes. We are now required to collect a Tax Return Transcript to complete the verification process if the IRS Data Retrieval Tool on the FAFSA is not used. To order an IRS Tax Return Transcript via the web, please visit http://www.irs.gov/individuals/Order-a-Transcript or call 1-800-908-9946. Make sure to request the “IRS Tax Return Transcript” and NOT the “IRS Tax Account Transcript”. You will need your Social Security Number, date of birth, and the address on file with the IRS (normally the address used when the most recent tax return was filed). If you are unable to order a tax transcript online, you can click above on the “Request for IRS tax return transcript” form and submit it to the IRS. It takes up to two weeks for IRS income information to be available for electronic IRS tax return filers, and up to eight weeks for paper IRS tax return filers. If you are married and you and your spouse file separate tax returns, a “Tax Return Transcript” must be submitted for both you and your spouse.
The law says that before awarding Federal Student Aid, we may ask you to confirm the information you reported on your FAFSA (verification). To verify that you provided correct information, we will compare your FAFSA with the information on this institutional verification document and with any other required documents. If there are differences, your FAFSA information may need to be corrected. You and a parent whose information was reported on the FAFSA must complete and sign this institutional verification document, attach any required documents, and submit the form and other required documents to us. We may ask for additional information. If you have questions about verification, contact us as soon as possible so that your financial aid will not be delayed.
Below is the information that needs to be completed and returned to Loras within 3 weeks after receiving a request for verification.
VERIFICATION WORKSHEET– (see link below)
Please complete, SIGN and return the worksheet.
PARENT/STUDENT INCOME INFORMATION
Both Parent and Student (if student filed) need to complete the IRS Data Retrieval OR request your 2015 Return Transcripts.
NEW FEDERAL REQUIREMENT: If you did not file a 2015 Federal Tax return, you must provide documentation from the IRS dated on or after October 1, 2016 that indicates a 2015 IRS income tax return was not filed. A confirmation of non-filing can be obtained from the IRS using form 4506-T and checking box 7(Verification of Non-Filing Letter). Allow the IRS at least 10 business days to process your request.
Return forms to:
Office of Financial Planning
1450 Alta Vista
Dubuque IA 52001
Fax: 563-588-7119 Office: 563-588-4944
Request for IRS tax return transcript Form and Verification of Non-Filing Letter.IRS Form
This form certifies that you will use your federal and/or state financial aid to pay the cost of attending Loras (and for no other purpose).Printable PDF Form
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