Gather Your Tax Information

When you submit your FAFSA, or Free Application for Federal Student Aid, on or after Oct. 1 this year, you’ll be required to report your income and tax information, along with that of your parents or spouse, if applicable. When you complete the new FAFSA for the 2022-2023 academic year, you’ll need your 2020 tax return and W-2s.

Instead of manually entering your tax information on the FAFSA, many applicants will choose to use the IRS Data Retrieval Tool (DRT). The IRS DRT automatically transfers the income information from your tax return directly into the FAFSA.

Even if you use the DRT, it’s still helpful to have your tax return and W-2s on hand when you complete your FAFSA. Here’s why:

  • If your tax return was submitted as ‘Married Filing Jointly’ and the two people who filed the joint return are reporting their income on a FAFSA, they’ll still need to report their individual incomes separately. The W-2s will indicate the specific income for each.
  • Occasionally, the IRS website may be slow, or the IRS DRT connection may be a little uncooperative. It’s also possible that a filer may not qualify to use the DRT. In order to continue completing your FAFSA, you may find it easier just to enter the income and tax figures yourself. In order to do that, you’ll need your tax return. The good news here is that the FAFSA will direct you to the correct line on the tax return for the information requested.

Gather your tax returns before you start the FAFSA so you’ll be prepared. Having everything on hand will make the process go much faster and easier. Remember, Oct. 1 is right around the corner!

The FAFSA is Always Free!

College is an important financial investment in any student’s future. Between talk of scholarships and savings plans, it’s exciting to come across something completely free. The FAFSA (Free Application for Federal Student Aid) is one step in the college financial process that won’t cost you a cent. The FAFSA is an application that will help determine your eligibility for financial aid. The official application can be found at FAFSA.gov. Other websites may offer to process the application for you for a fee, but these sites are scams and are not the official free FAFSA application.

When filling out the free application on FAFSA.gov, you’ll need a FSA ID (Federal Student Aid ID). This is a username and password that you’ll use to log in to your application. It will also serve as your electronic signature. Create your FSA ID at fsaid.ed.gov and save your information on our FSA ID Worksheet. Once you create your FSA ID, you’re ready to log in to your free application. After your application is completed, the colleges that you applied to will send you a financial aid offer. This offer will list the amount and types of federal and state financial aid awarded to you. Remember, the official application is on FAFSA.gov and the FAFSA is always free!

What’s the FSA ID?

October 1 is just around the corner, which is the day the 2022-23 Free Application for Federal Student Aid, or FAFSA, becomes available. The FAFSA is used to determine your eligibility for various forms of federal financial aid like grants, work-study and student loans. To ensure you’re prepared to submit your FAFSA after Oct. 1, create your FSA ID (Federal Student Aid ID) early. This ID is the username and password you’ll use to log in and sign the FAFSA, along with other financial aid documents. One of your parents may need to create a FSA ID, as well. Here are a few tips to help with the process.

Provide personal information. When creating your FSA ID, you’ll be asked to provide your birthdate, Social Security number, phone number and physical address. The same is true for your parent(s). If your parent(s) doesn’t have a Social Security number, they won’t be able to create an FSA ID. They will, however, be able to sign your FAFSA another way. To learn how to sign the FAFSA without a FSA ID, visit StudentAid.gov.

Choose the right email address. You and your parent will also need to enter an email address. Your email address must be different from your parent’s. Be sure to use an email address that’s not issued by your school, since you won’t have access to that email account once you graduate. To ensure you receive all important information on your financial aid eligibility, provide a personal email address when creating your FSA ID.

Select challenge questions. To help with resetting your password for the future, you must select four challenge questions and provide the answers to them. You’ll choose these questions from a drop-down menu. Use our FSA ID worksheet to keep track of your answers.

Allow enough time. It takes about 10-20 minutes to create the FSA ID. As with the FAFSA, give yourself plenty of time to do this. Try to complete the FSA ID process in one sitting, as you won’t be able to save your information and return later to finish this step. Also, it’s important to be near your mobile device and have access to your email during this process. Secure codes will be sent to these devices for confirmation, and you’ll be required to enter them within a limited timeframe to create your FSA ID. By creating your FSA ID before starting the FAFSA, you’ll be better prepared for the entire completion process. Create your FSA ID today at StudentAid.gov.

To learn more about the FSA ID and FAFSA process, visit StartWithFAFSA.org. This website provides information on FAFSA completion and financial aid programs. Check out our FAFSA learning modules and the FSA ID PowerPoint which walk you through completing your FAFSA and setting up your username and password. And don’t forget to complete your 2022-2023 FAFSA on Oct. 1!