Filling out financial aid paperwork just got easier

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in Small Business Tax

It soon will become simpler to provide tax return information requested on financial aid applications.

The IRS plans to set up a new system where you will be able to visit a secure web page, verify your identity and then retrieve the essential info needed—such as your adjusted gross income (AGI) for the prior year—in order to complete college loan applications, scholarship forms and other types of financial arrangements. The IRS hopes to have the system up and running next year.

Selfish motive: This should reduce the number of phone calls to the IRS from applicants during the busy tax return season.

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