When filing for student financial aid, school financial aid departments require official proof of income. The necessary proof comes in the form of an IRS tax document called a tax transcript. There are several methods available to receive this document, three of which can be ordered online: an online request to download the transcript online, an online request to send the transcript by mail, and (in the case of no taxes filed) an online request for a non-filing letter. You can also order the transcript by telephone or by mail. All these methods are free of charge.
When using any of these methods to order tax transcripts, the student must include their Social Security Number (SSN), date of birth, their street address, and ZIP Code as is currently on file with the IRS. The student must also request the tax transcript from the correct tax year, which is the previous year’s taxes filed with the IRS.
No matter what method you use to obtain your tax transcript, it is your responsibility to properly fill out the form and deliver it to the financial aid office of the school of your choice. Schools cannot accept your tax transcript directly from the IRS.
When filing a request for tax transcripts by the use of the paper method, simply download the pdf from the IRS site of form 4506T or 4506T-EZ. You will need to fill out lines 1-4. Line 5 allows you to have the IRS send the tax transcript to a third-party. Do not request the transcript be sent to the school for which you are filing. The IRS will send the tax transcript to the address they have on file, per tax law.
After receiving the transcript, the student must sign their name to each page in acknowledgment that the information is factual and correct. Make a copy of the document for your records and deliver the tax transcript to your financial aid office.