VASFAA’s second tax webinar for financial aid professionals will address three topics. First, we will review the untaxed income questions on the FAFSA. This section will look at the untaxed income that should be reported and which untaxed income should be excluded, and how to confirm the answers provided by the applicant are correct. Next, we will review the guidance around FAFSA – Marital Status mismatches, including a review of comment codes 361 through 368 to see when these indicate conflicting information and when they don’t, and how to complete verification when you have these comment codes. Finally, we’ll take a look at IRS Request Flag 07 and amended tax returns, with a goal of making the process of reviewing a 1040X as efficient and painless as possible.
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