<p>I am a high school senior, and I was selected for verification. Is this a good/bad thing?
My parents aren't going to file their taxes until february, do I wait until they file and then make changes on the computer? Or am I supposed to make the changes on the SAR report?</p>
<p>And do i wait for the schools to contact me about sending them my tax return? </p>
<p>This is what it says:</p>
<p>Your FAFSA has been selected for a review process called verification. Your school has the authority to request copies of certain financial documents from you
and your parent(s).
WHAT YOU MUST DO NOW (Use the checklist below to make sure that all of your issues are resolved.)
If your parents have now completed their 2011 tax return, you should correct your information to reflect the income and tax information reported on their tax return.
Click 'Make FAFSA Corrections' on the 'My FAFSA' page to make the correction. If your parents filed a federal tax return with the IRS, they may be eligible to use
the IRS Data Retrieval Tool, which is the best and easiest way to provide accurate tax information. With just a few simple steps, your parents can view information
from their IRS tax return and transfer that information directly into your FAFSA. If your parents have not yet completed their tax return, you must correct this SAR
to reflect the income and tax information reported on their tax return once it is filed.</p>
<p>Do not do anything at this point. The school(s) will tell you what to send. Make sure to watch your student email, if you have one … and your financial aid account, if you have one (not all schools do these early - some will just contact you by mail).</p>
<p>The best way to update your FAFSA once your parents file is by the IRS retrieval link. It really is best to wait and do that a week or two after your parents electronically file their tax return.</p>
<p>okay thank you!
does everyone get a irs retrieval link after they file for taxes? My parents file it with an accountant, would they still get a link to do that?</p>
<p>Once the IRS link it active for the 2012-13 FAFSA, everyone who clicks “Already filed” on the drop-down menu will be presented with the option to use the IRS link. If the person JUST filed, the information would not be available to transfer … but the FAFSA doesn’t know that. If you go to the IRS site through the direct link, it would tell you that the tax return can’t be found in that case. However, once the return is available, you can import it to the FAFSA.</p>
<p>If your parents have someone else file their taxes, the preparer probably files electronically - but your parents would need to ask him/her to be sure. Also, they should ask how soon after your parents give their okay to the preparer that the preparer submits to the IRS. This is from a government announcement made to financial aid administrators last spring:</p>
<p>Applicants who file their IRS income tax returns electronically (according to the IRS expected to be more than 70 percent) can expect their tax return information to be available for retrieval and transfer within two weeks of filing. Information for paper tax return filers will generally be available within eight weeks of filing. Finally, we are working with the IRS to help taxpayers authenticate their identity to the IRS more easily and securely, allowing even more applicants to benefit from the FAFSA-IRS Data Retrieval process.</p>