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Important Update from the Federal Government Shut Down-IRS Tax Transcript
Due to the federal government shutdown, the Department of Education has issued the following announcement (https://ifap.ed.gov/eannouncements/010919Chngsto1819and1920VerificationReq.html) to assist parents/students in obtaining the required documents to complete Verification for the 2018-2019 and 2019-2020 aid years.
It allows schools to accept signed copies of tax returns instead of tax transcripts under certain conditions.
We are here to assist you. Should you have any questions, please feel free to contact us at (504) 520-7835.
1. You may submit a copy of the income tax return by the tax filer or the tax preparer information, if applicable, as noted below.
The Income Tax Return must have the filer’s signature. If the student’s tax return is used, the student’s signature must be on form. If parent’s tax return is used
The tax preparer must include the tax preparer's Social Security Number (SSN), Employer Identification Number (EIN) or the Preparer Tax Identification and has been signed, stamped, typed, or printed with the name and address or the preparer of the return.
Note: A tax return simply stamped “H& R Block”, for example, is not acceptable; it must contain the above information necessary to identify the individual who actually completed/prepared the tax return. Tax Returns not signed by the filer is not acceptable.
2. You should also submit all copies of IRS Form W-2, or an equivalent document, such as IRS Form 1099 for each source of employment income received by the individual for the applicable tax year.
· For the 2018-2019 academic year, you should use income and tax information from 2016.
· For the 2019-2010 academic year, you should use the income and tax information from 2017.
1. Individuals are still required to obtain verification of non filing (VNF) from the IRS or other tax authorities. However, if the individual is unable to obtain VNF from the IRS or other tax authorities and, based upon the institution’s determination, it has no reason to question the student’s or family’s good-faith effort to obtain the required documentation the institution may accept is below:
· Non tax filers - For independent students, and parents of dependent students who did not file and are not required to file an income tax return for the applicable tax year should submit:
> The Verification of Non filing Form on our website certifying that the individual attempted to obtain the VNF from the IRS or other tax authorities and was unable to obtain the required documentation; and has not filed and is not required to file a 2016 or 2017 income tax return, and a listing of the sources of any 2016 or 2017 income earned by the individual from work and the amount of income from each source; and
>A copy of IRS Form W–2, or an equivalent document such as any 1099’s, for each source of 2016 or 2017 employment income received by the individual.
· A dependent student who is a non tax filer is excluded from the verification requirement to provide confirmation of the dependent student’s non filing status from the IRS or other relevant tax authority.
For individuals who are required to file a 2016 or 2017 IRS income tax return but have not filed because they have been granted a filing extension by the IRS beyond the automatic six-month extension for the tax year, an institution may accept a—
· Signed statement certifying that the individual—
· Attempted to obtain the VNF from the IRS or other tax authorities and was unable to obtain the required documentation; and
· Has not filed a 2016 or 2017 income tax return and list the sources of any 2016 or 2017 income, and the amount of income from each source. If self-employed, the signed statement must also include the amount of AGI and U.S. income tax paid for the applicable tax year;
· Copy of IRS Form 4868, ‘‘Application for Automatic Extension of Time to File U.S. Individual Income Tax Return,’’ the individual filed with the IRS for the appropriate tax year;
· Copy of the IRS’s approval of an extension beyond the automatic six-month extension for the appropriate tax year; and
· Copy of IRS Form W–2 for each source of 2016 or 2017 employment income received or an equivalent document.
Some individuals may be required to submit additional documentation to verify their 2016 or 2017 income and tax information.