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Submitting Your 2015 Tax Data

Submitting Your Tax Data 2016-2017

Below are links to information on the options for providing your federal tax data to the LMU Financial Aid Office.
 

IMPORTANT: Federal regulations prevent LMU from accepting paper copies of your federal 1040 tax return to complete verification unless specifically requested to do so by our office. We advise using the IRS Data Retrieval Tool or an IRS Tax Transcript to complete this requirement.

 

Tax Filers

When will my tax data be available from the IRS?

If you filed a Tax Return electronically:

  • $0 balance/ refund returns:  Generally available 2-3 weeks after the return has been accepted by IRS
  • Balance due/ partial pay returns:  Generally available by end of June or 3-4 weeks after the IRS receives the full/ final payment

If you filed a Paer Tax Return:

  • $0 balance/ refund returns:  Generally available 6-8 weeks after the IRS receives the return
  • Balance due/ partial pay returns:  Generally available by end of June/ July

 Option 1: IRS Data Retrieval

The best way to submit student and/or parent federal tax data is by using the IRS Data Retrieval Tool (IRS DRT) that is part of FAFSA on the Web at fafsa.gov. In most cases, no further documentation is needed to verify 2015 IRS income tax return information that was transferred into the student's FAFSA using the IRS DRT, if that information was not changed. Click IRS Data Retrieval Process for more information on the process. 

Option 2: IRS Tax Transcript

If the student or parent is unable or chooses not to use the IRS DRT in FAFSA on the Web, a 2015 IRS Tax Return Transcript(s) must be provided to the LMU Financial Aid Office (signature not required). Click IRS Tax Transcript for more information on the process.

For Some Tax Filers, the 'Get IRS Tax Transcript Online' Service Is Back Online. Randomly selected parents and students can once again request their Tax Return Transcripts online, in real-time, rather than by mail, by visiting the IRS Get Transcript webpage. The IRS appears to be testing the new security features of the website. According to the IRS website, “In keeping with standard industry practices, we are evaluating our new secure access process for Get Transcript Online. Randomly selected page visitors are offered a Get Transcript Online option. All page visitors may use the Get Transcript by Mail option."

 

 

Non-tax Filers

Not everyone is required to submit a tax return. Some people may be able to forego the federal tax filing process based on IRS's policy. Click here to find out if you need to complete a federal tax return.  If you are not required to file you will need to submit the 2016-2017 Student (or Parent) Non-Filing Statement available in the Forms section of the Financial Aid Website.

 

How to Verify Income Information for Individuals with Unusual Circumstances


Individuals Granted a Filing Extension by the IRS

If an individual is required to file a 2015 IRS income tax return and has been granted a filing extension by the IRS, provide the following documents:

  • A copy of IRS Form 4868, ‘‘Application for Automatic Extension of Time to File U.S. Individual Income Tax Return,’’ that was filed with the IRS for tax year 2015;
  • A copy of the IRS's approval of an extension beyond the automatic six-month extension if the individual requested an additional extension of the filing time for tax year 2015; and
  • 2016-2017 LMU Parent or Student Extension Form along with W-2s. 

Individuals Who File an Amended IRS Income Tax Return

If an individual filed an amended IRS income tax return for tax year 2015, provide both of the following:

  • A transcript obtained from the IRS that lists tax account information of the tax filer for tax year 2015; and
  • A signed copy of the IRS Form 1040X that was filed with the IRS.

Individuals Who were Victims of Identity Theft

  • Beginning with the 2015 tax year, tax filers who, because of IRS identity theft, are denied an IRS Tax Return Transcript using one of the regular request processes will be referred to the Identity Protection Specialized Unit (IPSU) toll-free number at 800-908-4490.  Filers who believe they are victims of identity theft do not need to be referred to the IPSU; they may call the number directly or go to the ID theft website on irs.gov. After the IPSU authenticates the tax filer’s identify, the tax filer can request that the IRS mail to the tax filer an alternate paper tax return transcript.
  • The alternate transcript is known as the TRDBV (Transcript Database View) and meets the requirement of a tax transcript.

Individuals Who Filed Non-IRS Tax Returns

  • To verify income information, tax filers who filed an income tax return with a taxing authority in a U.S. territory (Guam, American Samoa, the U.S. Virgin Islands) or commonwealth (Puerto Rico and the Northern Mariana Islands) or with a foreign central government, must submit a copy of a transcript of their tax information to the institution if a transcript is available at no charge from that jurisdiction’s taxing authority. A signed copy of the applicable 2015 income tax return that was filed with the taxing authority is only acceptable if tax filers are unable to obtain a free copy of a transcript of their tax information.