IRS Data Retreval Tool:
If this was just a camel nose under the tent, I would be unhappy. However, this is an elephant's trunk and tusks, with the whole freaking herd behind it!
Here is the scenario.
My Junior level college son, in order to qualify for financial aid, must use the Federally mandated Free Application for Federal Student Aid (FAFSA), for his private school tuition.
However, for the past three years, we had to also fill out the school's aid form, as well as include paper copies of our returns.
Hey, no problem. If we want the aid, then we have to prove we need it. I get that.
However, THIS year, the school has decided to now go paperless. In fact, they CAN go paperless, because now the FAFSA now will suck in your IRS filings to fill out and validate your forms!
In effect, the IRS has created a portal with an API that allows a third party to download your entire IRS filings.
Oh, you say, that's only for college students who want aid or student loans! That doesn't affect me!
Au contrair, mon ami. It's FAFSA this year, but hey, wouldn't it be a good idea if we require (insert the following nice to have)
1. Drivers license
2. Food Stamps (hmm, I like this one, what am I bitching about?)
3. Marriage license
4. Elementary school enrollment
5. Bank accounts
6. Job applications
7. Etc. Etc.
This is bad bad ju ju.
Really. Really. Bad.
Here is the FAFSA home page
with the link to the "optional" helpful, IRS service.
The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA). Students and parents may transfer the data directly into their FAFSA.
If you are eligible to use the IRS Data Retrieval Tool, we highly recommend using the tool for several reasons:
Itís the easiest way to provide your tax data.
Itís the best way of ensuring that your FAFSA has accurate tax information.
You wonít need to provide a copy of your or your parentsí tax returns to your college.
If you do not use the IRS Data Retrieval Tool to provide tax information and your college requests a copy of your tax return or your parentsí tax return, you may be required to obtain an official tax transcript from the IRS.