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Application and Verification Guide, 2015-16, page 81
Tax Transcripts, Tax Returns &
Financial Aid
A Workshop for Financial Aid Professionals
About Iron Bridge Resources
Iron Bridge Resources, LLC, is a professional higher
education consulting firm. We support multiple
functional areas on campus including the offices of
financial aid, registrar, bursar, and admissions.
Services functions at
all job levels
WORKSHOP AGENDA
Section 1: Introduction to Taxation
Introduces the types of taxes that financial aid officers need to
understand, tax transcripts, and tax returns.
Section 2: Verification
Reviews the FAFSA data elements that a financial aid officer must
verify using tax transcripts, the 1040 and its variants. Non-filer and
untaxed income verification are also covered.
Section 3: Conflicting Information
Explains the types of data that might be considered conflicting
information including, but not limited to, Head of Household filing
status, rules for tax dependents and how they differ from the FAFSA
definition, and 1040A and 1040EZ eligibility rules.
Section 4: Professional Judgment
Explores the important role tax return data plays in documenting
professional judgments and identifies where additional
documentation is needed.
Section 5: Asset-Related Tax Information
Reviews the interest, dividend, real estate, and business sections of
the tax transcript to identify potentially under-reported assets
(defined as a best practice by the Department of Education in its
coverage of conflicting information).
Section 6: Losses, Depreciation, and Business Tax
Returns
Introduces the concepts of income tax losses by businesses,
investors, and rental property owners, non-cash deductions, and
pass-through business entities. Focuses on how personal and
business tax returns can support the Institutional Methodology.
The Department of
Education states that
“financial aid
professionals are not
expected to have special
knowledge or expertise
regarding the U.S. tax
code1
” but requires them
to verify data elements
from aid applicant’s
income tax transcripts
and address data that
might be incorrect.
Tax Transcripts, Tax Returns, &
Financial Aid familiarizes
financial aid officers with the
U.S. tax code and how tax
transcripts relate to their
professional responsibilities.
Originally commissioned by the
New Hampshire Association of
Student Financial Aid
Administrators (NHASFAA), the
workshop is modular and can be
customized to fit your
organization’s needs.
For more information, contact
Robert Weinerman at
robert@ironbridgeresources.com
or (617) 733-0027.
Iron Bridge Resources is a professional
higher education consulting firm
supporting financial aid, registrar,
bursar, and admissions.
www.ironbridgeresources.com
ABOUT THE PRESENTER
Robert Weinerman’s background includes 10
years in senior financial aid roles at the
Massachusetts Institute of Technology and
Babson College, and 13 years at College
Coach, the nation’s largest provider of college
counseling services to corporate America.
A dynamic presenter, Robert is an expert in college finance and
repayment strategies. He has delivered hundreds of workshops over
the course of his career and has counseled thousands of students,
parents and borrowers. Based in Dorchester, MA, Robert joins Iron
Bridge Resources as Director of Training.