Comparison of Tax Return and Tax Transcript Data

Comparison of Tax Return and Tax Transcript Data2011 Tax YearFAFSA instructions direct applicants to obtain information from certain lines on IRS income tax returns, which differ based on whether the tax filer completed a Form 1040, 1040A or 1040EZ. For the most part, the instructions are able to identify therelevant lines on the tax Return by line number. These line item numbers do not appear on IRS tax transcripts. Instead, each itemis identified by name. When verifying FAFSA data using tax transcripts, it is important to identify the correct answer for following pages contain sample tax returns for Sam Lee (IRS Form 1040-EZ), Cam Larson (IRS Form 1040-A), and Michael andBrooke Davis (IRS Form 1040), as well as sample IRS Tax Return Transcripts for these tax filers. Relevant line items have beenhighlighted as follows:Red: information to help cross-reference tax Return line items with corresponding data on the tax Return :tax Return line items that are required verification data elements for the 2012-2013 award : tax Return line items listed in the FAFSA instructions, which should be reviewed for potential conflicting 1040 EZDepartment of the Treasury Internal Revenue ServiceIncome Tax Return for Single and Joint Filers With No Dependents (99)2011 OMB No.

Comparison of Tax Return and Tax Transcript Data 2011 Tax Year FAFSA instructions direct applicants to obtain information from certain lines on IRS income tax …

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