Verification for Beginners: What to ask and not to ask, that is the question.

Verification for Beginners: What to ask and not to ask, that is the question. PowerPoint PPT Presentation


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. Our Goals in this Session:To provide basic information on the Verification Process;To eliminate some of the stress we all experience over this process;To offer examples of how our schools handle this.To answer your questions; and,To provide our assistance as resources to you.. Verification.

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Verification for Beginners: What to ask and not to ask, that is the question.

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1. Verification for Beginners: What to ask and not to ask, that is the question. Elizabeth Milam Lomas, Clemson University Susan D. Little, University of Georgia SASFAA 2005

2. Our Goals in this Session: To provide basic information on the Verification Process; To eliminate some of the stress we all experience over this process; To offer examples of how our schools handle this. To answer your questions; and, To provide our assistance as resources to you.

3. Verification Why? Students make errors which must be identified and corrected. The law includes verification procedures. U. S. Dept. of Education selects for most schools; Quality Assurance Program schools make their own selection. Usual number to verify is 30%; schools may verify more. UGA is a QAP school and selected 23% of all applicants, only 17% completed verification.

4. Before beginning verification schools must have written procedures which include: How students are notified; Deadlines: Required correction procedures; and, How cases are referred to the Dept. Additionally, schools must provide Documentation Requirements Student Responsibilities Notification Methods

5. Verification Worksheet is not “required” only the information found on it is. Can use Dept. of Education’s Dependent/Independent Worksheets. Or, can develop your own “VW”.

6. Items to be verified: Household size Number in college Adjusted Gross Income U. S. taxes paid Certain types of untaxed income and benefits: Social Security benefits, child support, IRS/Keogh deductions, foreign income exclusion, earned income credit, interest on tax-free bonds.

7. Tax form issues: “FAAs must have a fundamental understanding of relevant tax issues that can considerably affect the need analysis. [FAAs] are obligated to know:        -whether a person was required to file a tax return,       -what the correct filing status for a person should be, and       -that an individual cannot be claimed as an exemption by more than one person.” New in the 2004-05 AVG

8. Filing Requirements

9. Filing Requirements

10. Filing Status Which filing status can be used? Tax filers must determine their marital status as of the last day of the year. SINGLE MARRIED FILING JOINTLY MARRIED FILING SEPARATELY HEAD OF HOUSEHOLD

11. Exemptions/Dependents

12. Filing Extensions

13. Signature Requirements Form 1040, 1040A or 1040EZ signed by at least one filer E-file printouts (not Form 8453) signed by at least one filer Telefile tax records that contain confirmation number and signed by the filer A return on which the tax preparer has stamped, typed, signed, or printed his/her name and his/her SSN, EIN or PTIN

14. Conflicting Data – What is it and how do I resolve it? Written statement from student/parent Copy of tax return or other financial documentation Statement from other school sibling attends confirming his/enrollment Low income form

15. Essential resources Current year Verification section of Federal Student Aid Handbook, pages AVG-77-92 along with Verification Worksheets which follow. Current FAFSA Your policies and procedures Your Verification Worksheet IRS Publication 17 “Pub 17” Set of current tax forms, 1040, 1040A, 1040EZ at a minimum. NASFAA’s “Using Federal Tax Returns in Need Analysis.

16. Contact us if we may be of assistance Elizabeth Milam Lomas [email protected] Susan D. Little [email protected]

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