Tax Transcript vs. Tax Return

Seen alerts on your account to submit a tax return transcript, but have no idea what it is? You are not alone.  If a student is selected for verification, the Financial Aid Office is responsible for ensuring the information listed on the FAFSA is accurate.  This sometimes requires the student to submit tax documentation for themselves and their parents.  We are no longer allowed to accept Federal Tax Returns, which would be the 1040, 1040A, or 1040EZ forms.  Instead Tax Return Transcripts are required.  Tax Return Transcripts come directly from the IRS, and are basically a transcript of the tax form submitted.

If you are required to submit the Tax Return Transcript, there are several ways you can request one from the IRS.  First, you can call the IRS at 1-800-908-9946 to request a Tax Return Transcript.  Your second option is to go online to http://www.irs.gov/Individuals/Order-a-Transcript to request a Tax Return Transcript.  When requesting a transcript, be sure to select the Tax Return Transcript option.  Tax Transcripts are typically mailed to you within 5 to 10 business days.

You can submit your Tax Return Transcript to the Office of Financial Aid & Scholarships by mail, fax, email, or in person.  Please visit our website at http://www.umbc.edu/financialaid/index.html to find our contact information.

Be sure to submit your requested documents by the deadline to ensure your financial aid is processed in a timely manner.  If you have any questions, contact your Financial Aid Counselor.

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