Just days after NASFAA released it’s overly complicated version of an IRS Tax Return Transcript Matrix exclusively to NASFAA members, David Bergeron and the good folks at FSA made good on their promise to release one to the FSA community. In a simple to use, one page Excel document, the Ed version, compares the seven ISIR information items that may need to be verified for a student or parent who filed or will file a 2011 Federal Income Tax return to the item name reported on the IRS Tax Return Transcript as well as the corresponding line item numbers from the three 2011 IRS tax returns.
You can get a copy of the matrix here: 2012-2012 IRS Tax Return Matrix
The February 24th, 2012 Electronic Announcement offers some guidance on interpreting the transcript as well – so aid administrators, pay attention:
…for some items the transcript may report two or three values. This is because the IRS calculates or recalculates the amount reported by the tax filer for some items. If only one value is reported on the transcript that value must be used for verification. If more than one value is reported on the transcript, the value associated with the item name that includes the words “Per Computer” must be used for verification. The “Per Computer” line should be used for verification even if it is different than what was reported by the tax filer.
This is great guidance!
You can read the full Electronic Announcement here: February 24, 2012 Electronic Announcement – (General) Subject: 2012-13 FAFSA Verification-IRS Tax Return Transcript Matrix
- New verification rules for 2012-2013 and beyond (fastfactsblog.wordpress.com)
- How Can You Get a Copy of Your Tax Return? What is the Difference Between a Tax Return Transcript and a Copy of Your Transcript? (turbotax.intuit.com)
- A New IRS Tool Will Make Completing Your FAFSA Form Easier (businessinsider.com)