The cash you make from Federal Work-Study is usually susceptible to federal and state tax, but exempt from FICA taxes (supplied you may be enrolled full some time work less than half-time).
What’s the IRS Data Retrieval Tool?
The IRS information Retrieval Tool permits pupils and parents to get into their Federal Tax Return information necessary to complete the complimentary Application for Federal scholar help (FAFSA). Pupils and parents may move the information straight onto their FAFSA. If entitled to make use of the IRS information Retrieval Tool, we strongly recommend utilizing the device for a number of reasons:
U It’s the way that is easiest to give you income tax information
U you don’t manually have to fill out Federal Tax Return information on your own FAFSA.
U It’s the way that is best of ensuring your FAFSA has accurate income tax information.
U It streamlines the verification procedure: For pupil candidates and parents who will be
Selected for verification, retrieval of the Federal Tax Return information to upgrade the FAFSA application is one of efficient and quickest means to offer income tax information.
You will need to obtain an official Federal Income Tax Transcript from the IRS and submit it to our office if you did not or cannot use the IRS Data Retrieval Tool to transfer tax information to your FAFSA.