May be a dumb question. Currently completing CSS for academic year 2022-23, necessitating tax year 2020 income documents. When we give college IDOC access, are they able to see the 2021 return we filed? Or just 2020, which is the year upon which aid is supposed to be based?
Reason for question: Thinking about whether they will see increased 2021 income and let it affect their decision about upcoming year’s aid. Thank you.
And as a follow-up question, can a college ask separately for 2021 returns when applying for FA for senior year?
They can only see what you upload to IDOC.
Why would a college want your 2021 taxes…the only reason I can think of is if you asked for a special circumstances consideration due to income loss, and they want to verify that the income loss still exists or was long term.
They likely will ask each year I’d assume if you got aid. So if your income went up this year, you should expect less aid second year.
But they’ll make this years decision on what’s in now.
Your 2021 tax return will be required for the 2023-2024 financial aid forms.
Student will be a senior in the 2022-2023 academic year. Graduating May 2023. Question is, even though the required tax forms are for 2020, CAN THEY also ask to see 2021 to see if we made more in 2021 (because they won’t get to see it otherwise, to see higher income)?
Edited to add: The student is graduating COLLEGE in 2023. This is the LAST year we are applying for financial aid. The relevant tax year is 2020.
My question is CAN they ask for 2021 also in the last year that we are applying for FA?
If the student is graduating May 2023, the first year of college will be academic year 2023-2024. That will use the 2021 tax return. You will be able to file the financial aid application forms on October 1, 2022. But You will be filing the 2023-2024 forms…using 2021 tax year info….not 2020.
@kelsmom am I correct?
The student is graduating COLLEGE in 2023. His last year of college is 2022-2023. Sorry I didn’t make it clear.
The question is, can the college ask for PRIOR YEAR info (in addition to the usual prior-prior year) in the last year of applying for aid, when the student is a rising college senior?
Oh…graduating college. Thanks for clarifying!
I personally can’t see any reason why they would want the next year tax return…unless…like I said above…you requested a special circumstances consideration based on reduced income…and they want to verify that you still have reduced income.
@kelsmom ?
I think it is extremely unlikely. From what I have read, the only time they might is as thumper1 said, if you are asking for a special circumstances review for reduced income and they want to validate it . But in the normal course of business, no.
The easy answer is yes. They can ASK for whatever they want.
I agree - they can ask for anything they want. However, I doubt that they would do so unless the student filed a request for a professional judgment review for financial reasons.
IDOC access give the school access ONLY to the comments you upload to IDOC. It doesn’t give the colleges the ability to search for additional tax returns of yours.
Good point!! They can’t contact the IRS for additional information, etc.
Yes, if you’re selected for verification, they can simply ask for those documents.
@brantly
If a college wants additional information, they would contact YOU for that information. They would not be able to access it simply because you completed IDOC document requests.
Thanks, everyone. I was just wondering if they’d want to know the prior-year info for a rising college senior.
Highly unlikely.