Updating FAFSA After Filing Taxes
The 2020-2021 FAFSA asks for older tax information than in previous years. In most cases, it will be easier to complete your FAFSA because most people have already filed their 2018 taxes and can transfer their tax information directly into the FAFSA right away using the IRS Data Retrieval Tool. This is fast, accurate, and lessens the amount of paperwork that you may be required to submit.
If you submitted a 2020-2021 FAFSA before completing your 2018 tax return here’s what you must do to update your information.
Student Tax Information
If you indicated on your Free Application for Federal Student Aid (FAFSA) that you “will file” your 2018 IRS income tax return, you must follow these steps after completing your taxes:
- Update your FAFSA with your final income and tax data in the Financial Information – Student section. If possible, utilize the IRS Data Retrieval process to reduce the chance that your application will be selected for verification.
- Change the answer to the FAFSA question that asks if you have completed your income tax return to “already completed.”
This will prompt a review, and possible revision, of your financial aid offer. You must complete these steps before any financial aid will be paid to your Multnomah student account.
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