So I looked at it again. after using the IRS retrieval tool, $27,000 was added to the pensions. now this doesn’t seem right because neither of my parents are retired, so they aren’t receiving this money.
I think the lesson here is to double check what the tool puts down.
Hmmm. Did your parents withdraw any money from a pension fund?
We were told that once we used the IRS DRT, we could not change any of the fields ported over to our FAFSA.
To the experts…is that correct?
So anyway, should I just take out the pensions? orrr?
It’s possible to change the FAFSA after using the DRT but if you change a question populated by the DRT, the FAFSA will no longer satisfy verification.
Colorado, which question specifically had the pension amount? Don’t change it without checking into it. I can guarantee you the DRT didn’t come up with a random number to put in a question about pensions. There is something on your parent’s tax return that the DRT transferred. Did your parents do a rollover, an IRA withdrawal or something else? You don’t have to be retired to do certain things so check the actual tax return your parents filed.
It was a rollover, yes. It was question 94a
Rollovers wouldn’t be reflected in question 94a. 94a is your parents’ contributions to pre-tax retirement accounts. The amount in 94a isn’t included in your parents AGI but is legitimately added back to AGI via question 94a. So it sounds like the DRT action in that regard was legit and the amount shouldn’t be removed.
Where did you get that it was a rollover? A rollover would be in question 94e.