You and your parents will be asked to provide financial information on the 2023-24 FAFSA which is used to calculate the amount of financial aid you’re eligible to receive. This information is then shared with your selected colleges and universities to determine how much financial aid they will offer.
The IRS Data Retrieval Tool (IRS DRT) allows parents and students who filed a U.S. tax return with the IRS to access the tax information needed and transfer the data directly into their FAFSA form. Families have the option to input this information manually, but the IRS DRT makes the process quicker and easier.
There are several benefits to using the IRS DRT:
1. It saves time as you’re completing the FAFSA. Instead of hunting for the correct numbers on your tax forms and running the risk of making an error, you’ll simply type a few words, click a few buttons, and the bulk of the tax questions on your FAFSA will be complete!
2. Using the IRS DRT reduces your chances of being selected for verification. Verification is the process your school uses to confirm the information provided on the FAFSA is accurate. During the verification process, your school may request various documents to verify the information provided on your FAFSA. Errors that occur when entering tax information manually can cause a student to be selected for verification.
3. If you do happen to be selected for verification, having used the IRS DRT will simplify the process. If you use the IRS DRT and are selected for verification, you will not have to provide any documentation to verify tax data. Your school will know it’s accurate since it was transferred directly from the IRS into your FAFSA. Other documentation may be required however.
While using the IRS DRT is optional, students and parents are encouraged to use the tool for a smoother and more accurate application process. Go to StudentAid.gov to see the specific steps for using the IRS DRT.