Transcript Verification
2014 TASFAA New Aid Officer’s Workshop
Objectives
Understand Verification Flag Tracking Groups and Documentation Requirements Easily Identify Verification Data Elements on Tax Documents Obtain Verification Resources Ask Verification Questions
2013-2014 Verification Groups
Verification Description Verification Tracking Flag Verification Tracking Group
V1
V2
V3 V4 V5 Standard Verification Group is standard verification
SNAP Verification Group consist of only verifying SNAP
Child Support Paid Verification Group consist of only verifying Child Support paid Custom Verification Group Group consist of : SNAP, Child Support Paid, High School Completion Status, and ID Proof/ Statement of Educational Purpose. Aggregate Verification Group consist of V1 and V4 items: standard Group verification, SNAP, Child Support Paid, High School Completion Status, and ID Proof/ Statement of Educational Purpose.
Verification data elements for 2014-2015 aid year include verification items for 2013-2013 aid year and adding a V6 group.
V6 Group – Household Resources Verification.
Group V2 will not be used.
Institutions must use exact language provided in the Federal Register for the Statement of Educational Purpose.
2014-2015
Verification Tracking Flag Groups
Verification Tracking Flag
V1
Verification Tracking Group
Standard Verification
Verification Description
Record selected because conditions based on statistical analysis error-prone risk model were met V3 V4 V5 Child Support Paid Verification Record selected for Child Support paid criteria only Custom Verification Group Record selected for Identity criteria, SNAP, and Child Support Paid Aggregate Verification Group Record selected for Identity criteria, “Standard Verification” criteria, SNAP, and Child Support Paid V6 Household Resources Record selected for Other untaxed income, Verification Group “Standard Verification,” SNAP, and Child Support Paid
Documentation of HS Completion Status • • • HS Diploma or final HS transcript showing date HS diploma awarded
Recognized Equivalent
– General Educational Development (GED) Certificate; – State certificate received by a student after the student has passed a State-authorized examination that the State recognizes as the equivalent of a high school diploma; – Academic transcript of a student who has successfully completed at least a two-year program that is acceptable for full credit toward a bachelor's degree; or – For a person who is seeking enrollment in an educational program that leads to at least an associate degree or its equivalent and has not completed high school but has excelled academically in high school, documentation from the high school that the student excelled academically in high school and documentation from the postsecondary institution that the student has met the formalized, written policies of the postsecondary institution for admitting such students
Homeschooled
– Transcript or the equivalent, signed by the parent or guardian, that lists the secondary school courses completed by the applicant and documents the successful completion of a secondary school education; or – A secondary school completion credential for home school (other than a high school diploma or its recognized equivalent) provided for under State law
Identity/Statement of Educational Purpose • • •
Appear in person and present to an institutionally authorized individual:
– A valid government-issued photo identification (driver’s license, non-driver’s license, or passport); and – A signed statement of educational purpose
Must maintain, an annotated copy of the identification submitted by the applicant that includes:
– The date documentation was received; and – The name of the institutionally-authorized individual that obtained the documentation
If unable to appear in person, must provide the institution:
– A copy of a valid government-issued photo identification (driver’s license, non driver’s license, or passport); and – An original notarized statement of educational purpose signed by the applicant
• •
Tax Filers
– Household Size – Number in College – Child Support Paid – SNAP – Adjusted Gross Income – U.S. Income Tax Paid – Untaxed IRA Distributions – Untaxed Pensions – IRA Deductions & Payments – Tax-Exempt Interest Income – Education Credits
Other Untaxed Income
– Payments to tax-deferred pension and savings plans – Child support received – Housing, food, and other living allowances – Veterans non-educational benefits – Money received or paid on student’s behalf
Non-Tax Filers
– Household size – Number in College – Child Support Paid – Tax-Exempt Interest – Other Untaxed Income – Payments to tax-deferred pensions and savings plans – Child support received – Housing, food, and other living allowances – Veterans non-educational benefits – Money received or paid on student’s behalf
W-2 Form needed from each source of employment
Signed statement listing sources and amounts of other untaxed income
.
2013 Tax Matrix
• • • • •
Earnings from Work
–
Wages, Salaries, Tips
–
Business Income/Loss
–
Farm Income/Loss
Untaxed Income
Adjusted Gross Income (AGI) Additional Financial Information U.S. Income Tax Paid
• • • • • • Amended Returns – – Signed copy of 1040X and Signed copy of original tax return or IRS transcript (with all data elements) Federal Means Benefits = Verification of Group Household Resources $25 Tolerance for non-dollar amounts W-2 and/or Schedule C/C-EZ may be needed for tax filers Do NOT accept IRS Verification of Nonfiling letter prior to June 15, 2014 Must still resolve conflicting information •
Verification
&
Available Resources
• • • • Federal Student Aid Handbook – Application and Verification Guide http://www.ifap.ed.gov/fsahandbook/1415FSAHandbookAVG.html
NASFAA Ask Regs Knowledgebase http://askregs.nasfaa.org/ics/support/splash.asp
Institutional Policies and Procedures IRS Publication 17 found at www.irs.gov
Thank You!
Consuela Mitchell
Assistant Director of Financial Aid
Tarrant County College 817-515-1786 [email protected]
Roy Tuberville
Financial Aid Manager Intake/Processing
El Paso Community College
915 831-2584