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Updated tool for completing 2022-23 FAFSA verification
January 19, 2022
The job of financial aid professionals got just a little easier this week when the Department of Education released the 2022-2023 FAFSA Verification-IRS Tax Return Transcript Matrix.
In a January 18 Electronic Announcement, the Department of Education announced the release of the matrix, which financial aid professionals can use for 2022-2023 verification of IRS tax return information included on the Free Application for Federal Student Aid (FAFSA) application.
According to the Announcement, this matrix may help financial aid administrators map 2020 IRS Tax Return Transcript information to FAFSA/ISIR data.
Also in the Electronic Announcement, the Department reminds financial aid professionals to watch for the following in the 2022-23 verification cycle:
- Erroneous $1 AGIs – Financial Aid Administrators are encouraged to identify all instances of $1 AGIs, for the 2022-23 FAFSA cycle, and follow-up with applicants to resolve as appropriate.
- Post Unemployment Compensation Exclusion Adjustment – If aware that an applicant's AGI includes the amount of unemployment that should be untaxed, schools should remove the untaxable unemployment benefits from the applicant's (or the parents' or spouse's) AGI or untaxed income on the FAFSA.
Also in the Announcement, the Department said "Under provisions of the Higher Education Act (HEA), taxes and credits related to the Affordable Care Act (ACA) are not to be included in the amount of U.S. Taxes Paid that are used in the calculation of a student's expected family contribution (EFC)."