College-bound students and their parents typically want to make every dollar and every minute of the college experience count including money spent on tuition and time spent on the college financial aid application process. The Internal Revenue Service is helping minimize the time spent on the completion of the Free Application for Federal Student Aid (FAFSA) form by automating access to federal tax returns with the IRS Data Retrieval Tool. This tool provides the opportunity for applicants to automatically transfer the required tax data onto the FAFSA form.
Here are some tips on using the IRS Data Retrieval Tool:
In addition to helping reduce the time and effort involved in completing and submitting the FAFSA form through the IRS Data Retrieval Tool, the IRS offers money-saving information to college students and their parents. Important information regarding tax credits and deductions for qualifying tuition, materials and fees is available at the IRS Tax Benefits for Education: Information Center and in IRS Publication 970, Tax Benefits for Education both of which are available at www.IRS.gov.
Another alternative is to use TaxACT's College Student Financial Aid Report, available in both in TaxACT 2011 Free Federal and Deluxe. After you answer a few simple questions, TaxACT will compile the tax information you need for the FAFSA in one simple document that can be saved and printed.
Simply sign in to your TaxACT Online 2011 account or open your desktop program and click on the blue "Review" tab. Then click on the "College Student Financial Aid Report" link in the top left corner to get started.
March 3 (Farmers & fishermen)
File your 2013 income tax return (Form 1040) and pay any tax due - Details
March 10 (Employees who work for tips)
If you received $20 or more in tips during February, report them to your employer - Details
March 17 (Corporations)
File a 2013 calendar year income tax return (Form 1120) and pay any tax due - Details
March 17 (S Corporations)
File a 2013 calendar year income tax return (Form 1120S) and pay any tax due - Details
March 17 (S Corporations)
S Corporation Election: File Form 2553, Election by a Small Business Corporation, to elect to be treated as an S corporation beginning with calendar year 2014 - Details
March 17 (Partnerships)
Electing Large Partnerships: Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1 - Details
March 31 (All businesses)
File Forms 1097, 1098, 1099, 3921, 3922, and W-2G with the IRS. This due date applies only if you file electronically - Details