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Tip of the Week |
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December 4, 2019 |
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Reviewing tax information |
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Although financial aid professionals aren't expected to be tax experts, those working with verification documents need to be familiar with tax forms. An Electronic Announcement released on November 26 provides a 2020-21 FAFSA Verification-IRS Tax Return Transcript Matrix to help with verification of 2018 tax return information. The matrix maps out FAFSA information to be verified to the FAFSA questions, ISIR fields, 2018 IRS Tax Return Transcript items, and 2018 IRS 1040 Line numbers or Schedule line numbers. Another tool to help with reviewing tax returns are the upcoming "Understanding taxes – The basics and beyond" webinars, scheduled for December 10 and December 18. View the related article for more information about registering for one of the webinars. | ||||||||||||||||
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