Automatic FAFSA/IRS Match

mildred · 02-02-2008, 12:43 PM

Would anyone happen to know when the FAFSA/IRS match goes though?

I am curious, because if it goes through when I start applying to graduate schools, then it would be neat.

It would be neat because I honestly believe that the FAFSA/IRS match would eliminate a great deal of fraud and that would be really great in that it would free up monies for fellowships and the like.

Here is an article I read about it...

http://waysandmeans.house.gov/hearin...e=view&id=1201

I just cannot find any information as to when (or, maybe, if) this is going to go through.

swimcatsmom · 02-02-2008, 12:55 PM

I thought they already did that! I assumed that as FAFSA and IRS were both federal they already communicated and everything had to match and if it didn't red flags would be popping up. In fact I have told people that frequently. Silly me - we are talking about government here after all

.

It was proposed in 2003. Never passed and is now gone from the books.
http://www.govtrack.us/congress/bill.xpd?bill=h108-3613

mildred · 02-02-2008, 01:13 PM

Well, I was just selfishly wondering anyhow.

I am sorry, but I just figure that if this match thingy goes through, then the less loans I will have to take out for graduate school.

I'm horrible, eh?

thumper1 · 02-02-2008, 01:14 PM

I have long been advocating for someone to MERGE Turbotax and the FAFSA. So far, to my knowledge, that has not happened. Schools can and do verify that what you PUT on your tax returns is also what you PUT on your finaid forms. But to my knowledge, this is not yet electronically done.

swimcatsmom · 02-02-2008, 01:17 PM

After some googling I found it (h.r. 3613) was proposed in 2003. Never passed and is now gone from the books.
http://www.govtrack.us/congress/bill.xpd?bill=h108-3613

thumper1 · 02-02-2008, 01:17 PM

Mildred, financial aid for graduate school is VERY different that financial aid for undergraduate school. First, there are no federal grants (like the Pell) for grad students. Second, most school based finaid comes in the form of assistantships or fellowships that are based on merit. AND lastly, there is the expectation that grad students can take the full tuition cost (minus any merit aid received) in the Stafford Loan.

Graduate schools are not "meet full need" like undergrad schools. If your EFC is 0 (that's zero), it does NOT mean that the grad school will award you full aid. Grad school finaid just doesn't work that way.

thumper1 · 02-02-2008, 01:18 PM

Thanks Swimcatsmom...I was wondering if I MISSED something. Anyway...back to my appeal...merge the tax prep software with the FAFSA. It's a money maker!!!

swimcatsmom · 02-02-2008, 01:24 PM

So thumper - have you contacted turbo tax and told them? Sounds like a win win - They could make a whole new upgrade for us to pay extra for that spits out everything for us and We get a little less stress. Tell 'em you want a cut

mildred · 02-02-2008, 01:34 PM

Wow.

Thumper1 needs to make a presentation to the Turbo Tax folks ASAP.

Well

I was hoping that there would one day be a match of all of this, because I have rather high grades and have kept my full academic scholarship for quite a while now. But, I have noticed only a wee bit of funding (for grad school) being offered to someone of my academic background over where I live in Tennessee. Next week, I am speaking to someone at my University about how I should best go about broadening my grad school list and the like.

Oh well.

Seriously, though...thumper1...make that presentation and get everything copywrited or something. That would mean big bucks for you and your family, I reckon!

thumper1 · 02-02-2008, 01:47 PM

OK...I just sent a LENGTHY email to the Turbotax folks. My guess is that I will get an automated reply. And none of the profits!!!

kelsmom · 02-02-2008, 05:03 PM

You might not make anything off of it ... but if it ever happened, you'd have the unending gratitude of thousands of parents!

As an aside: I can't help but chuckle when I read threads asking questions about how to report various amounts from the tax forms. For pete's sake, the LINE # is right there!!!! It's hard enough to fill it out when you follow the directions. Why make it any harder on yourself?!

thumper1 · 02-03-2008, 01:20 PM

>>Thank you for contacting TurboTax Customer Service & Support.
I thank you very much for your suggestion! I agree that you have a wonderful idea and I am passing it on to my Customer Feedback team along with your contact information. >>

Got the following reply from my email to Turbotax about merging it with the FAFSA!! Keep your fingers crossed.

swimcatsmom · 02-03-2008, 01:57 PM

Wow thumper - way to go! Keeping my fingers crossed they give you a reward - not holding my breath though

sueinphilly · 02-03-2008, 02:01 PM

I use taxactonline and it will provide you with numbers that you put on the fafsa. There's only a few numbers.

thumper1 · 02-03-2008, 02:23 PM

All of the tax forms GIVE you the numbers you need for the FAFSA...I want them to merge the documents so that you don't have to fill in anything on the FAFSA that is ON the tax form (including name, address, SS#, income, taxes, number in household, etc). If they ever get back to me, I'm also going to suggest some way for estimates to be done using the previous year's taxes and that would also be a help...as the line numbers on the 1040 forms vary ever so slightly from year to year.