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Get the free IRS Data Retrieval Tool and Phone Request 10-2015 - gadsdenstate

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IRS Data Retrieval Tool for FAFSA The step-by-step instructions assume that you have already submitted a FAFSA and is meant to help you update your FAFSA using the online IRS Data Retrieval Tool. Step
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How to fill out irs data retrieval tool

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How to fill out the IRS Data Retrieval Tool:

01
Gather your necessary information: Before starting the process, ensure you have your Social Security Number, your Federal Student Aid (FSA) ID, and your tax return information (either a completed tax return or an IRS transcript).
02
Access the IRS Data Retrieval Tool: Log in to your FAFSA application, go to the Financial Information section, and select the option to link to the IRS. You will be redirected to the IRS website.
03
Provide consent and security information: On the IRS website, you will be asked to provide your consent to retrieve your tax information. Review and accept the terms and proceed.
04
Authenticate your identity: To proceed with the IRS Data Retrieval Tool, you need to verify your identity. This typically involves inputting your personal information, such as your name, date of birth, and address, exactly as it appears on your tax return.
05
Choose the tax return option: Once your identity is confirmed, you will be given the option to choose a tax return to retrieve. Select the correct tax year and proceed.
06
Submit the tax information: The IRS Data Retrieval Tool will automatically transfer your tax information onto your FAFSA application. Review the transferred information for accuracy and make any necessary corrections, if required.
07
Complete the FAFSA: After verifying and updating the transferred tax information, continue filling out the rest of your FAFSA application, providing information about your income, assets, and other financial details.

Who needs the IRS Data Retrieval Tool?

01
Students applying for federal financial aid: The IRS Data Retrieval Tool is primarily used by students who are completing the Free Application for Federal Student Aid (FAFSA). It simplifies the process of transferring their tax information onto the application, saving time and reducing the chances of errors.
02
Parents of dependent students: Parents of dependent students also need the IRS Data Retrieval Tool if they are required to provide their tax information on the FAFSA. This tool helps streamline the application process for them as well.
03
Students applying for income-driven repayment plans: Some student loan repayment plans, such as Income-Based Repayment (IBR) or Pay As You Earn (PAYE), require borrowers to submit their income information. The IRS Data Retrieval Tool can be used to transfer the necessary tax information onto these applications as well.
In conclusion, anyone applying for federal financial aid, parents of dependent students, and individuals applying for income-driven repayment plans can benefit from using the IRS Data Retrieval Tool. It simplifies the process of filling out the FAFSA and ensures accurate tax information is provided.
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IRS Data Retrieval Tool is a tool that allows students and parents to transfer income and tax information directly from the IRS to the FAFSA form.
Students and parents who are completing the FAFSA form for financial aid are required to use the IRS Data Retrieval Tool if they are eligible.
To fill out the IRS Data Retrieval Tool, applicants must log into their FAFSA form, choose the option to use the tool, and follow the prompts to transfer their IRS information.
The purpose of the IRS Data Retrieval Tool is to simplify the process of completing the FAFSA form by automatically transferring accurate income and tax information from the IRS.
Income and tax information from the applicant and their parents, including adjusted gross income, taxes paid, and certain financial assets.
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