IRS Data Retrieval Tool
The IRS Data Retrieval Tool (IRS DRT) allows you and your parent(s) to upload data from your federal tax returns into your FAFSA. It may be used during the initial filing or when subsequent corrections are made to your 2015-16 FAFSA. This option will streamline and expedite the processing of your financial aid.
The IRS DRT will be available beginning February 3, 2015. Your taxes must be submitted to the IRS at least 2 weeks prior to using the tool.
You will not be able to use the IRS Data Retrieval Tool (DRT) if any of the following are true:
- Marital status changed after December 31, 2014
- Filed "Married Filing Separately"
- Filed an amended return
- Filed a foreign tax return
- Filed a tax return using a Tax ID Number (TIN)
- The home address on the FAFSA does not match the address on the tax return
* Please note, signed copies of your 2013 federal tax returns, including all schedules and W-2 forms, must still be submitted to the College Board's IDOC service as part of the Loyola financial aid application process.
Tips for using the IRS Data Retrieval Tool (IRS DRT) after you filed your FAFSA:
- Go to www.fafsa.gov, click "Start Here" and log in
- Click "Make FAFSA Corrections" and enter PIN and password
- Click "Financial Information"
- For the question "have your parents completed their IRS income tax return" choose "already completed"
- Choose the correct answer to the questions in the pop-up box. If "none of the above" you are eligible to use the IRS Data Retrieval Tool.
- Enter information requested (name, address, etc.) and click "submit" (all information must match IRS records. Note, periods after middle initials, "St" versus "Street", etc.)
- Check "Transfer my tax information into the FAFSA" and click "Transfer Now,", click "OK""
- On FAFSA webpage, click "Sign and Submit" and follow instructions to submit the changes
** Independent students will not need to submit parent information, but will follow the same steps for entering their own tax information.
** Do not make any adjustments to the tax information once it has been transferred to the FAFSA. If any information is incorrect, please contact the office of financial aid.
Verification is a federal review process required by the US Department of Education. It requires the financial aid office to confirm the accuracy of the information reported on your FAFSA. The Department of Education determines which student FAFSAs must be verified.
If your FAFSA is selected for verification, a message will be included in your FAFSA confirmation Report (Student Aid Report or SAR). We will also notify you at your Loyola email account, along with a request for required documents. Verification can be a lengthy process. Students and families are encouraged to submit necessary documents as soon as possbile.
Students selected to verify income must either correct their FAFSA using the IRS Data Retrieval Tool (IRS DRT) or submit a 2014 IRS Tax Return Transcript to the Loyola office of financial aid. If eligible, we strongly recommend selecting the IRS DRT. Requesting a Tax Return Transcript from the IRS takes time and will delay processing your financial aid.
Please note, even though you must submit federal tax returns to the College Board's IDOC service as required in the Loyola financial aid application process, the Department of Education will only accept the IRS Data Retrieval Tool or the IRS Tax Transcript for federal income verification.
The federal verification process may require us to make corrections to your FAFSA, in which case you wil be notified by the Department of Education. Corrections will be denoted by an asterisk on your online FAFSA.
IRS Tax Return Transcript
For families that cannot or prefer not to take advantage of the online IRS Data Retrieval Tool, a paper tax transcript may be requested directly from the IRS by the family.
To request a 2014 IRS Tax Return Transcript,
- Go to http://irs.gov and click on "Get Transcript of your Tax Records" in the TOOLS section; or
- Call 1-800-908-9946 between 7:00 a.m. and 10:00 p.m.