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If you have an IRA and/or Pension Rollover on your 2015 Federal IRS Income Tax Return, review this chart to learn what happens and how to update the FAFSA information.

Tax Return IRA and Pension Rollovers and IRS DRT

What Happens With Your 2015 IRA and/or Pension Rollover?

If you used the IRS Data Retrival Tool (DRT) to complete your FAFSA prior to March 1, 2017, the IRS DRT does not exclude tax return IRA and/or Pension Distribution Rollovers from untaxed Income.

This means the IRS DRT will include an IRA and/or Pension Distribution Rollover in your untaxed income on the FAFSA.

This may result in a higher Expected Family Contribution (EFC) and decrease in your financial need.

What Should You Do If You Have a 2015 IRA or Pensions Rollover?

Step #1:

Do not attempt to correct the information yourself.

By changing any of the tax data, you compromise the data transferred from the IRS.

Step #2:

Provide the following to Marquette Central:  

A written notice/request for correction to your FAFSA Untaxed IRA and/or Pension Rollover;    

A copy of Page 1 of your Federal 2015 IRS Federal Income Tax Return;  

A copy of IRS Form 1099-R for all IRA or Pension distributions.

Result:

Once your documentation is received, it will be reviewed and processed.

What Do You Do If You Already Updated the Rollover Figures Yourself?

Step #1:

Provide the following to Marquette Central:

A Signed 2015 Federal IRS Tax Return Transcript. Follow these instructions on How to Request a Tax Return Transcript. Make sure to include the student’s name and MUID on the transcript.

 

Step #2:

Provide the following to Marquette Central:  

A written notice/request for correction to your FAFSA Untaxed IRA and/or Pension Rollover;    

A copy of Page 1 of your Federal 2015 IRS Federal Income Tax Return;  

A copy of IRS Form 1099-R for all IRA or Pension distributions.

Result:

Once your documentation is received, it will be reviewed and processed.

 

 

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The Office of Student Financial Aid provides undergraduate and graduate students with resources about types of financial aid and student employment.



FAFSA School Code: 003863

Questions or for more information, contact the Office of Student Financial Aid