Verification 2016 TASFAA ABC Workshop

Objectives Understand Verification Flag Tracking Groups and Documentation Requirements Easily Identify Verification Data Elements on Tax Documents Obtain Verification Resources Ask Verification Questions

2016-2017 Verification Group V2 & V3 will not be used. Applicants may be moved from tracking groups V1, V4, and V6 to V5 on a subsequent ISIR. If moved, school is prohibited from disbursing any new Title IV aid until verification of new group completed V6 Group – Household Resources Verification Group Institutions must use exact language provided in the Federal Register for the Statement of Educational Purpose.

2016-2017 Verification Groups

High School Completion Status HS Diploma or final HS transcript showing date HS diploma awarded  NEW: DD Form 214 may serve as documentation if it indicates student is a HS graduate Homeschooled Transcript or the equivalent, signed by the parent or guardian, that lists the secondary school courses completed by the applicant and documents the successful completion of a secondary school education; or A secondary school completion credential for home school (other than a high school diploma or its recognized equivalent) provided for under State law High School Completion Status

High School Completion Status Recognized Equivalent General Educational Development (GED) Certificate; State certificate received by a student after the student has passed a State-authorized examination that the State recognizes as the equivalent of a high school diploma; Academic transcript of a student who has successfully completed at least a two-year program that is acceptable for full credit toward a bachelor's degree; or For a person who is seeking enrollment in an educational program that leads to at least an associate degree or its equivalent and has not completed high school but has excelled academically in high school, documentation from the high school that the student excelled academically in high school and documentation from the postsecondary institution that the student has met the formalized, written policies of the postsecondary institution for admitting such students

Identity/Statement of Educational Purpose Appear in person and present to an institutionally authorized individual: A valid government-issued photo identification (driver’s license, non-driver’s license, or passport); and A signed statement of educational purpose Must maintain, an annotated copy of the identification submitted by the applicant that includes: The date documentation was received; and The name of the institutionally-authorized individual that obtained the documentation If unable to appear in person, must provide the institution: A copy of a valid government-issued photo identification (driver’s license, non-driver’s license, or passport); and An original notarized statement of educational purpose signed by the applicant

V6- Group Household Resources Verification Items Tax Filers Household Size Number in College Child Support Paid SNAP Adjusted Gross Income U.S. Income Tax Paid Untaxed IRA Distributions Untaxed Pensions IRA Deductions & Payments Tax-Exempt Interest Income Education Credits Other Untaxed Income Payments to tax-deferred pension and savings plans Child support received Housing, food, and other living allowances Veterans non-educational benefits Money received or paid on student’s behalf V6- Group Household Resources Verification Items

V6- Group Household Resources Verification Items Non-Tax Filers Household size Number in College Child Support Paid Tax-Exempt Interest Other Untaxed Income Payments to tax-deferred pensions and savings plans Child support received Housing, food, and other living allowances Veterans non-educational benefits Money received or paid on student’s behalf

V6- Group Household Resources Non-Tax Filers W-2 Form needed for each source of employment income AND Signed statement giving the sources and amounts of the person’s income earned from work not on W-2s and certifying that the person has not filed and is not required to file a tax return

2014-2015 Verification 2015 Tax Matrix Earnings from Work Wages, Salaries, Tips Business Income/Loss Farm Income/Loss Untaxed Income Adjusted Gross Income (AGI) Additional Financial Information U.S. Income Tax Paid

Tax Time!

Reminders Verification & Amended Returns Signed copy of 1040X and Signed copy of original tax return or IRS transcript (with all data elements) Federal Means Benefits = Verification of Group Household Resources $25 Tolerance for dollar amounts W-2 and/or Schedule C/C-EZ may be needed for tax filers Do NOT accept IRS Verification of Nonfiling letter prior to June 15, 2016 Must still resolve conflicting information Verification &

Available Resources Federal Student Aid Handbook Application and Verification Guide http://www.ifap.ed.gov/fsahandbook/attachments/1617AVGCh4.pdf NASFAA Ask Regs Knowledgebase http://askregs.nasfaa.org/ics/support/splash.asp Institutional Policies and Procedures IRS Publication 17 https://www.irs.gov/uac/about-publication-17

Assistant Director of Financial Aid Tarrant County College Thank You! Consuela Mitchell Assistant Director of Financial Aid Tarrant County College 817-515-1786 consuela.mitchell@tccd.edu