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VERIFICATION 2012-13 What’s new How does it affect our offices.

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Presentation on theme: "VERIFICATION 2012-13 What’s new How does it affect our offices."— Presentation transcript:

1 VERIFICATION What’s new How does it affect our offices

2 Changes All tax information to come from IRS retrieval What does this mean for us in timing verification. 2 weeks for electronic filers 6 to 8 weeks for paper filers to have info available on retrieval site. Alternative is a tax transcript and it does not have to be signed but we are encouraged to have it signed You may only collect paper form under unusual circumstances

3 So, what about these guys: married filing separately, head of household, amended returns and changes in marital status after Jan.1 st … What about our verification worksheet: we still need to verify household size and number in college (except under certain circumstances) We now need to verify SNAP (supplemental nutrition aid program) or food stamps if listed on the fafsa as received

4 Must verify child support paid with statement from person paying and name of person receiving the child support and the children for whom the support was paid Replaces the $400 tolerance with $25 per item Eliminates the 30% verification ceiling We must process all changes not just the ones that affect Pell

5 We are still verifying: AGI, taxes paid as well as untaxed income from the tax information such as untaxed IRA distributions, untaxed pensions, education credits, IRA deductions and tax exempt interest (no reference to making work pay)

6 What about non tax filers W 2 for each source of employment The usual signed statement of sources of income and what the family lived on Statement on any work for which they were paid but W2 was not issued Statement of non tax filing

7 What do we tell our parents and students Most of us have deadlines for state and institutional aid Data retrieval will not be available until February 1st Taxpayers who estimate on the FAFSA will have to make changes when they do file for retrieval to take place Flags will appear in FAA information section of the ISIR and student inquiry section of FAA access about data retrieval

8 The following year students will have individual comment codes based on edits in the system

9 Now What Do we get a verification worksheet? Make our own? How quickly can we get other documentation we need such as SNAP? What does this do to our processing when the information is delayed? What does it do to the State awarding system? Anyone with ideas or forms already? Please share.

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