It's a Process, not really it is still verification
12/13 Verifiaction part 2
Yep you guessed it..2012-2013 Verification
Random
100
Number of household members, Number in College, SNAP(food stamps), Child Support Paid, AGI, Taxes paid, certain untaxed income.
What are the data elements that must be verified?
100
Shows most line items from a tax filer's original tax return.
What are IRS Tax Return Transcripts?
100
Includes information from Tax Return Transcript and Tax Account Transcript.
What is a Record of Account?
100
Online (www.irs.gov), Telephone (1-800-908-9946) and Form 4506T EZ.
What are the ways to obtain a tax transcript?
100
Webinars are good for this.
What is to obtain professional development with no cost to the College.
200
Income earned from work.
What must be verified if the student is a non tax filer?
200
A value calculated by the IRS that is present on certain items of an IRS Tax Return Transcript.
What is Per Computer?
200
When a federal tax return must be completed, what the correct filing status for a person should be, When an individual can be claimed as an exemption, Whether there is discrepent information when comparing tax return data to FAFSA data.
What are items the Financial Aid Reps are required to know?
200
changed from $400 to $25.
What is the Tolerance?
200
The first 2 days of the ten week term and the first week of the ten week term.
What is the Add/Drop period?
300
Untaxed IRA Distributions, Untaxed Pensions, Education Credits, IRA Deductions, and Tax Exempt Interest.
What are the Untaxed Income elements that must be verified if reported on the FAFSA?
300
Includes only the income information for tax filers required by the Department to be verified for 2012-2013. Provides line item from taxes and corresponding FAFSA questions.
What is the IRS Tax Return Transcript Matrix?
300
Age, Gross income and filling status.
What you need to know to determine if a tax return must be filed?
300
updating dependency status due to a change in marital status.
What is at the discretion of the school?
300
Monday Money Webinars are a type of this.
What is Financial Literacy?
400
Student and or Parent claims a retirement tax credit but does not report any untaxed income from contributions made to tax-deffered pensions and savings plans.
What is conflicting information?
400
Changed from 900% to 600%.
What is the Lifetime Maximum for Pell Grants?
400
net earnings equal to or greater than $400.
What is income amount required to file for self employment?
400
incarcerated student, parent or spouse who is physically incapacitated, parents are deceased.
What are exclusions that have been eliminated by the new regulations?
400
The Main part of the repoack process should be this.
What is clear off credit balances?
500
The form a student or parent must use to request info from the IRS is an Amended retunr was done.
What is form 4506-T?
500
Information obtained through IRS data retireval on FOTW and was not changed by the user.
What is the IRS Request Flag 02?
500
A qualifying child or a qualifying realtive.
What is the term "dependent "?
500
The income threshold has been changed from $32,000 to $23,000 for this.