Every year, students across America who hope to receive federal financial aid for college must apply for it by filling out a FAFSA, the Free Application for Federal Student Aid. This year, the timing is a little more difficult than usual. Because the IRS had to delay processing of individual returns this year due to last-minute legislation, it’s a little harder for students to complete their FAFSA forms. There’s a link between the FAFSA and the IRS that can auto-fill almost all the financial information from the IRS into the FAFSA form, making it so much easier to complete. However, taxpayers need to wait two to three weeks after filing their taxes to try to make that link. This gives the IRS time to process tax returns so the link to the FAFSA will work. The FAFSA application is how students apply for federal grants (like the Pell Grant) and student loans.< Back
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
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