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Did you submit your 2015-16 FAFSA ® before you (or your parents, if you are a dependent student) filed your 2014 taxes? If so, don’t forget you are required to return to your application to update the information you originally estimated with the updated numbers from your 2014 tax return. And, you should update your information as soon as possible.
The easiest way to update your tax information is by using the IRS Data Retrieval Tool (IRS DRT). It allows you to transfer your tax information directly into your FAFSA! Check to see if your tax return is available and if you are eligible to use the tool, but keep in mind, you generally have to wait a few weeks after filing your taxes before you can use the IRS DRT.
To update your FAFSA:
- Log on to gov.
- Click Make FAFSA Corrections.
- Navigate to the “Finances section.”
- Change your answer from “Will file” to “Already completed.”
At this point, if you are eligible to use the IRS DRT, you will see a Link to IRS button. If you are not eligible to use the IRS DRT, you can manually enter the data from your completed tax return.
- Click Link to IRS and log in with the IRS to retrieve your tax information.
- Enter the requested information exactly as it appears on your tax return.
- Review your information to see what tax data will be transferred into your FAFSA.
- Check Transfer My Tax Information into the FAFSA, and click Transfer Now to return to the FAFSA.
- Review the data that was transferred to your FAFSA and click Next.
- Sign and submit your updated FAFSA.
Once you’ve made updates at fafsa.gov, your changes will be processed in three to five days. You’ll receive a revised Student Aid Report (SAR) indicating the changes made to your application. Each school you listed on your FAFSA can access the revised information one day after it’s processed.
The University of California at Santa Barbara put together a video that walks you through this process. Check it out:
April Jordan is a senior communications specialist at Federal Student Aid.