I used the IRS Retrieval tool and then this happened. They sent me an SAR sheet so I could update it. Something marked “IRA“ is supposed to be changed to 0 but I don’t know which one. Should I change IRA deductions and payments to 0 or untaxed portions of IRA distributions and pensions?
@kelsmom can elaborate. If you had a rollover and didn’t indicate this when you completed the FAFSA, I believe you need to contact each college…and the college will make the adjustment when you show proof of the rollover and amount.
But you are the second person who has posted here saying “they” (whoever that is) sent you a sheet and a correction can be made. I’ve never heard of this before…but maybe @kelsmom can shed some light on this.
I don’t think either of these is right…
I am surprised that something is being sent to the student. I don’t know what it means. I still suggest that the student contact each college’s financial aid department to let them know you had a rollover that wasn’t properly reported on FAFSA. As for the sheet you were sent, I don’t know how to advise you, @AnnaWentToBed. I assume you were sent the paperwork because you called the FAFSA helpline & said that you had an IRA rollover. Is that correct? If so, I assume that there are instructions that tell you to look at the tax return and enter amounts from particular lines on the tax return. Where do the instructions tell you to send the completed form?
Following because I’m the mom from the other thread who made the same mistake and still not sure if I’ve done the right thing. After reading over the SAR and listening to advice from this group - I don’t think there is anything to do except contact every college directly. I called two schools already (the rest she hasn’t officially submitted yet). Both were very helpful and knowledgeable. Binghamton told me to call back after I get their financial aid package, which won’t be for several months. Sarah Lawrence said that this is exactly why they ask for tax documents and that they will find the mistake on their own. Will call the 8 others (ugh) one at a time as she submits over the next few weeks. Made a spreadsheet for myself to keep it all straight.
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@AnnaWentToBed this is where I would start. Call one of your kid’s colleges…and explain. See what they tell you to do.
I’m wondering if this poster needs to submit the FAFSA again to all of their schools.
Read this post!
I guess that Federal Student Aid must have developed a form that allows people who call about the rollover issue to complete a form that will be used on them end to correct the FAFSA. TBH, this is a first, and I worked in financial aid for many years. I assume the update will be sent to all schools on the FAFSA. I would be concerned if I had removed schools on my most recent transaction, though, as students will do when they send the FAFSA to more than 10 schools. I say this because I suspect that the rollover update will only be applied to the most recent transaction. In that case, the schools that were removed will need to be contacted about the rollover.
You should be able to see what schools received the update by logging into the FAFSA to see the schools listed on the FAFSA that has the new EFC.
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When I called they just sent me the SAR and I don’t see anywhere on there to edit the rollover issue.
I wish I could help, but I honestly don’t know what they are sending out. I think contacting each school is your best bet. They can make the update on their end for their school. It’s a little extra work, but it is important to make sure each school has the rollover information.
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Could you please post here what you did…to correct the rollover issue with whatever the FAFSA folks sent you??
I called FAFSA to see how they calculated the EFC, as I had income from job + sold some stocks etc. I wanted to check to see if they assumed everything as income and used it for EFC calculation, which would be incorrect as they aren’t recurring. They were unable to verify what part(s) of tax return was used in the calculation, as its done by the system and not manual. They suggested that I contact the school financial aid office and explain so they know what to look for.
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Use this FAFSA spreadsheet to calculate your EFC manually. https://studentaid.gov/sites/default/files/2022-23-fafsa-worksheet.pdf
There are many step by step directions on websites and even youtube if you need more detail. This book is also good for detailed explanations: https://www.amazon.com/Paying-College-2023-Everything-Admissions/dp/0593516494
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