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The data retrieval tool does not identify and exclude tax return IRA and/or Pension distributions that have been rolled over into another account.  If you have an IRA and/or Pension Rollover on your 2013 tax return, review this chart to learn what happens and how to correct the FAFSA information.

Tax Return IRA and Pension Rollovers and IRS Data Retrieval

What Happens With Your 2013 IRA and/or Pension Rollover?

The Data Retrieval Tool (DRT) does not exclude tax return IRA and/or Pension Distribution Rollovers from untaxed Income.

The DRT will include an IRA and/or Pension Distribution Rollover in your untaxed income on the FAFSA.

This may result in a higher Expected Family Contribution (EFC) and decrease in your financial need.

What Should You Do If You Have a 2013 IRA or Pensions Rollover?

Step #1:

Do not attempt to correct the information yourself.

By changing any of the tax data, you compromise the data transferred from the IRS.

Step #2:

Provide the following to Marquette Central:  

A written notice/request for correction to your FAFSA Untaxed IRA and/or Pension Rollover;    

A copy of Page 1 of your Federal 2013 IRS Income Tax Return;  

A copy of IRS Form 1099 from the organization the IRA or Pension was rolled into.

Result:

Once your documentation is received, it will be reviewed and processed.

What Do You Do If You Already Updated the Rollover Figures Yourself?

Step #1:

Go to www.fafsa.gov. Follow the instructions found here.

Select Link to IRS to again transfer your tax data to your 2014-15 FAFSA.

Do not make any changes to the transferred tax data.

Step #2:

Provide the following to Marquette Central:  

A written notice/request for correction to your FAFSA Untaxed IRA and/or Pension Rollover;    

A copy of Page 1 of your Federal 2013 IRS Income Tax Return;  

A copy of IRS Form 1099 from the organization the IRA or Pension was rolled into.

Result:

Once your documentation is received, it will be reviewed and processed.

 

 

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OFFICE OF STUDENT FINANCIAL AID

The Office of Student Financial Aid provides undergraduate and graduate students with resources about types of financial aid and student employment.



FAFSA School Code: 003863

Questions or for more information, contact the Office of Student Financial Aid